Belt Finance has become the latest Binance Smart Chain-based decentralized finance, or DeFi, protocol to lose millions to an opportunistic hacker.
The Rekt Blog, which post mortems DeFi exploits, stated that an attacker exploited a flaw in the way the protocol’s vaults calculates the value of its collateral which helped to “add another notch to the now infamous flash loan exploit season on the BSC,” adding:
“Yet another fork of a fork has rolled off the conveyor belt with $6.3M falling straight into the hands of the hacker.”
Rekt revealed that a total of eight flash loans were made on PancakeSwap for $385 million BUSD. The beltBUSD vault’s “Elipsis” strategy was exploited as it was the most undersubscribed strategy on the platform.
Belt Finance uses an optimal yield aggregator to offer passive yield generation to depositors. Elipsis is a decentralized exchange that enables swapping of stablecoins with low slippage on the Binance Smart Chain. The beltUSD vault also deploys capital on the BSC-based