$700,000 drained from BNB Chain-based DeFi protocol LaunchZone

Mar 17, 2023 | wjb news

The use of $700000 worth of money was gradually depleted from the BNB chain Defi protocol LaunchZone, which claimed that the attacker had launched an attack.

After running out of more than 80 per cent of the LaunchZone liquidity pool on February 27th, there are still very few details. A message in the project's official website Telegraph group warns customers not to buy tokens until other information is collected:

"$LZ is being invaded by the DND exploiters. The team is maintaining such a thing, do not buy tokens at this stage. Please be rational. We will upgrade in time (the full text is like this).

Based on blockchain data from several different blockchain technology explorers, the value of LaunchZone's native dynamic password $LZ fell by more than 80%, as funds were transferred according to PancakeSwitp.

LaunchZone has more than 44000 members on the Telegram channel and about 275000 followers on Twitter. The project didn't send out all the warnings or announcements to many Twitter followers, and the Facebook page didn't respond to Cointelegraph's request for comment.

Over the past year, the BNB Chain ecosystem has been working hard to address cyber hacker attacks and attacks. The BNB franchise became a scapegoat for a $100m loophole in October 2022, creating a hard fork. The attacker exploited a cross-chain attack.

Web3 infrastructure developer Jump Crypto also discovered and announced an important loophole to the BNB Chain team in February 2023. By exploiting this vulnerability, an attacker can produce an unlimited number of dynamic passwords through deliberate transmission. The BNB team fixed this before releasing the vulnerability to a wider audience.