Binance Smart Chain Claims DeFi Attacks ‘Organized And Targeted’

The new chain was created specifically for DeFi, and today, it is Ethereum’s biggest rival for the DeFi sector.

Advantages of BSC

Don’t get me wrong — BSC is definitely worth it. Ethereum may be the birthplace of DeFi, but BSC offers faster transactions, lower fees, and numerous benefits that make many choose it over Ethereum, while a number of projects have opted to launch on both chains.

However, some time ago, I, as well as many others, noticed that BSC has started to become an epicenter of DeFi-related crimes. Protocol after protocol has been targeted by hackers who were exploiting the weak system designs and various bugs. Despite all of its benefits, BSC is still new and there are issues that need to be solved. Many of them require time to be identified first, and that’s the time that the young chain did not have.

BSC Attracting Crime

There were even claims that the attacks are very well organized and concentrated, which made it that much more important for protocols launching on it to be extra careful. The community would rather wait a bit longer for the protocols to polish their code and check it for bugs than to have their money stolen.

It also doesn’t help the fact that a lot of protocols are copies of others, so if the original had flaws — the copies suffer from the same issues. Still, BSC is far too valuable an asset for Binance to do nothing, which is why the exchange turned to CipherTrace — a blockchain intelligence firm that will offer analytics support in order to try and prevent further attacks.

Do you use BSC-based DeFi protocols?

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