Copycat Attacks on BSC
The BNB Smart Chain (BSC) has reportedly been a victim of copycat attacks due to a vulnerability in the Vyper programming language, mirroring the exploit on the decentralized finance (DeFi) protocol Curve Finance.
BlockSec, a blockchain security firm, tweeted on July 30 that around $73,000 worth of cryptocurrencies on BSC had been stolen across three exploits.
This follows similar exploits on Curve Finance, which has resulted in losses of more than $41 million, according to BlockSec’s current estimates.
The vulnerability was caused by a bug in reentrancy lock on Vyper versions 0.2.15, 0.2.16 and 0.3.0, which is used by several DeFi pools.
Exploit Affects Web3 Projects
The programming language believed to be most widely used for Web3 projects, Vyper, has been afflicted by an exploit. This exploit was designed for the Ethereum Virtual Machine and could affect other protocols that use the affected Vyper versions.
Since news of the exploit spread, white hat and black hat hackers have been battling it out on-chain, attempting to disrupt each other’s exploit attempts or efforts to recover funds.
One potential whitehat, known as “c0ffebabe.eth,” was able to grab some funds to store for safekeeping. On July 30, they sent an on-chain message asking protocols affected by the exploit to contact them to organize returning funds.
So far, the wallet has returned nearly 2,900 Ether (ETH) worth over $5 million to Curve, according to one transaction. This is a major step forward for Web3 projects, as it demonstrates the potential of Web3.0 versus Web3.
Crypto Space and Web 3.0
Another transaction saw c0ffebabe.eth move 1,000 ETH to what appears to be a newly-created wallet — likely the cold wallet that they mentioned earlier. This could be a sign of the growing popularity of crypto, as evidenced by the Hall of Flame’s Wolf Of All Streets worrying about a world where Bitcoin hits $1M.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space. Understanding the differences between Web 3.0 and web3, as well as the best site for crypto, such as Bitgert, Braintrust, Bittorrent, Bitrise, and Blackrock, is essential for anyone looking to invest in Binance crypto.
Subscribe to our email newsletter to get the latest posts delivered right to your email.