The DeFi project Impossible Finance (IF) running on the Binance Smart Chain (BSC) ecosystem has come under attack using instant loans.
The project representatives stated that they will fully compensate for the funds contributed to the liquidity pools. They promised to inform users about the progress of the investigation of the incident but did not specify how much the unknown person had withdrawn.
SushiSwap developer Mudit Gupta noted that it is about $ 500,000. The expert also drew a parallel with the recent attack on the DeFi-protocol BurgerSwap.
WatchPlug analysts clarified that an attacker exploited a vulnerability in a liquidity pool smart contract. This allowed him to run swaps twice "at the same price", which is usually not possible.
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In early June, Impossible Finance announced it had raised $ 7 million from several investors, including CMS Holdings and Alameda Research. The team planned to use funds to expand the product line and create a multi-chain ecosystem to "promote the growth and composability of the DeFi sector."
Recall that in May, an unknown person withdrew $ 6.2 million from the Belt Finance DeFi protocol based on the BSC.
In May, a hacker brought down the price of the PancakeBunny token by 80%. To manipulate the USDT / BNB and BUNNY / BNB rates, he borrowed funds from PancakeSwap.
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Later, BSC representatives announced attacks by "well-organized hackers" on DeFi projects in the ecosystem and named several steps to improve security and reduce the risks of hacking.