Belt Finance Victim of Flash Loan Attack in Latest Exploit of a Binance Smart Chain DeFi Protocol – CoinDesk – CoinDesk

Belt Finance Victim of Flash Loan Attack in Latest Exploit of a Binance Smart Chain DeFi Protocol – CoinDesk – CoinDesk

Belt Finance, a platform that provides automated market making for decentralized finance (DeFi), was hacked Saturday in a flash loan attack that resulted in a profit of $6.23 million for the perpetrator and an overall $50 million loss for the platform.

UPDATE (May 30, 23:14 UTC): Adds that beltBUSD pool’s loss was a total 50m BUSD with the 43.8m in fees added to the 6.23 million in profits taken by the attacker.