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'In-the-Wild' Hack on BSC Is Ongoing Right Now: What's Happening?

Mon, 02/27/2023 - 10:49
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Arman Shirinyan
Innocent users are becoming targets of hackers as in-the-wild hack is happening on Binance right now
'In-the-Wild' Hack on BSC Is Ongoing Right Now: What's Happening?
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Binance Smart Chain, one of the most popular blockchain networks for decentralized applications (dApps), has recently experienced an "in-the-wild" hack. The hack reportedly resulted in the transfer and dumping of millions of tokens. While the root cause of the hack is not yet clear, it appears to be related to the "wild allowance at the loss of innocent users." According to reports, the hack resulted in the transfer and dumping of 9.88 million $LZ tokens, leading to a significant drop in its price. PeckShield has since advised users to immediately revoke any allowances they have in their wallet to avoid any losses.

If you are a Binance Smart Chain user, you can check if you have any allowances by visiting the "Contracts" tab in your wallet and checking the "Allowances" section. If you have any allowances that you do not recognize or do not need, you should immediately revoke them. To do this, simply click on the "Revoke" button next to the allowance.

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Allowances are a mechanism used by smart contracts to grant permission to a third party to transfer tokens on behalf of the user. While this can be convenient for some users, it also creates a security risk if not managed properly. Hackers can exploit wild allowances to transfer and dump tokens, causing significant losses to innocent users.

The Binance Smart Chain team has not yet released an official statement on the hack. However, community members have been sharing information and working to identify the root cause of the issue. Some have speculated that the issue may be related to an unverified contract that was deployed on the network.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.