Another DeFi Hack Leads to $3 Million in Ethereum & BNB Losses: Details
The decentralized finance (DeFi) space is once again grappling with the aftermath of a significant security breach. This latest incident highlights the ongoing vulnerabilities plaguing DeFi platforms, resulting in substantial losses for users. The details surrounding this hack, which led to an estimated $3 million in Ethereum and BNB losses, are still unfolding.
Just weeks After PancakeBunny hacking saga, Binance Smart Chain’s decentralized finance platform has witnessed another loan hack within a week. The frequency of these attacks is raising serious concerns about the security infrastructure of projects built on Binance Smart Chain and other similar networks.
The specific DeFi protocol targeted in this most recent attack is yet to be officially named by all sources, but the pattern is eerily familiar. Hackers exploit vulnerabilities in smart contracts, often related to flash loans or bridge services, to drain funds from liquidity pools. This echoes recent events:
A recent assault on DeFi ALEX lab, a DeFi bitcoin application, lost $4.3 Million of tokens. The assault specifically attacked the bridge service of BTC and consumed $300,000 k worth of Bitcoin. Bridge vulnerabilities are a known weak point in the DeFi ecosystem, allowing attackers to exploit differences in validation and security protocols across different blockchains.
This latest incident follows a disturbing trend. While overall losses due to crypto hacks and scams showed a slight decrease earlier in the year, the DeFi sector remains a prime target.Crypto losses due to hacks and scams decreased by 23% in Q1 2025, but the industry still lost $336 million. DeFi platforms were the most targeted, with hacks on liquidity pools and smart contracts continuing to be a major threat.
The urgency to enhance security measures is escalating, especially given that another DeFi protocol also fell victim very recently. Hackers have hit decentralized finance (DeFi) protocol Conic Finance with an attack and drained 1,700 Ethereumworth over $3.2 million at current prices. In a Friday attack, Conic Finance suffered a significant loss, further underlining the risks associated with investing in less audited or rigorously tested DeFi protocols.
The community is now awaiting official statements from the affected project and further details on the attack vector used. In the meantime, users are urged to exercise extreme caution when interacting with DeFi protocols, especially those with limited audit history or complex smart contract logic. Diversification, thorough research, and a strong understanding of the underlying risks are crucial for navigating the increasingly perilous landscape of decentralized finance.
We will continue to update this article as more information becomes available.