This altcoin claims that the hack led to the withdrawal of $700,000 of funds from the liquidity pool and the value of the token dropped.
This altcoin has been hacked
$700,000 worth of funds were withdrawn from BNB Chain DeFi protocol LaunchZone, and the project claimed that an attacker exploited a vulnerability. Details are scarce after more than 80% of the funds in the LaunchZone liquidity pool were drained on February 27. A message in the project’s official Telegram group warned users not to purchase tokens until more information is gathered:
“LZ is hacked from DND exploiter. The team is addressing the situation, please do not purchase the token at this stage. Please calm down. We will update it in time (sic).”
The value of LaunchZone’s native token, LZ, has dropped over 80% as coins are exchanged via PancakeSwap, according to blockchain data from a number of different blockchain explorers. LaunchZone has more than 44,000 members on its Telegram channel and nearly 275,000 followers on Twitter. The project did not make any warnings or announcements to its large Twitter following. cryptocoin.comAccording to data, LZ is trading at $0.026, down 82.5% in the last 24 hours.
The BNB Chain ecosystem has been plagued with hacking and exploits over the past year. BNB Chain was the victim of a $100 million exploit that resulted in a hard fork in October 2022. The attackers had exploited a cross-chain exploit.
Web3 infrastructure company Jump Crypto also identified and disclosed a critical vulnerability to the BNB Chain team in February 2023. The exploit could allow an attacker to print unlimited amounts of tokens through malicious transfers. The BNB team patched the vulnerability before it was made public.
DeFi protocol Venus will accept Floki tokens
The developers say the move is expected to benefit FLOKI owners as they continue to forge and seek strategic partnerships. The Shiba Inu-themed Floki tokens will soon be available as collateral to borrow a basket of cryptocurrencies on Venus Protocol, the second largest lending platform on the BNB Chain, Floki developers said on Friday.
The move is part of a broader plan to make FLOKI, a meme coin named after billionaire Elon Musk’s pet dog, into a serious decentralized finance (DeFi) token. Venus provides an easy-to-use crypto-asset lending and borrowing product that allows users to borrow directly against collateral at high speed while losing less on transaction fees. As of Friday, it held over $800 million in locked tokens.
