Detail Analysis
Date:
Status:
Count:
Contributor:
May 29, 2021
Verified
1
zerofriction.io
KYC By:
KYC:
None
Audit By:
Audits:
None
Loss Amount:
6,230,000
Recovered Amount:
-
Currency:
Dollars, beltBUSD, BELT
Key Indicators
Platform:
Type:
Category:
Method:
Data Sources:
Multi-Chain
Protocol
Yield
Flash Loans
Extended Method:
Flash loan attack
According to official sources, Belt Finance on the Binance Smart Chain (BSC) suffered a lightning loan attack and lost US$6.2 million. The attacker used flash loans to obtain more than 6.2 million US dollars of funds from the Belt Finance agreement through 8 transactions, and has converted most of the funds into anyETH and withdrawn to Ethereum. Belt Finance estimated vault users suffered a 21.36% loss of funds, and pool users lost 5.51%. Overall, the attack cost the beltBUSD pool a combined loss of 50 million BUSD ($50 million), comprising 43.8 million in fees and the 6.23 million the attacker withdrew as profit. Belt Finance said it will compensate users who were directly affected in its 4Belt pool or beltBUSD vault and the holders of BELT tokens.
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