DeFi Project Belt Finance Loses $6.3 Million As a Result of a Hacker Attack
Main page News, Hacker Attack, DeFi
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31 May
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Decentralized finance project Belt Finance has just become the latest Binance Smart Chain-based project to be attacked by hackers.

This time, a malicious attacker has stolen $6.3 million.

According to the Rekt Blog, which specializes in DeFi attacks, the hacker has allegedly exploited a flaw in the way the protocol's vaults calculate the value of their collateral.

In particular, the blog has said:

"Yet another fork of a fork has rolled off the conveyor belt with $6.3M falling straight into the hands of the hacker."

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SushiSwap developer Mudit Gupta posted a Twitter thread yesterday analyzing the incident, describing the flash loan attack as one of the "most complex hacks."

Simply put, the attacker made several transactions across multiple strategies, inflating the value of his funds before paying back the flash loan and keeping more than $6 million in profits.

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