Updates on Bitcoin SV (BSV) 51% Attack, Wault Finance’s (WEX) Flash Loan Attack
The increased interest among investors in the crypto space is driving up the number of hacks and attacks in the sector as well. Close on the heels of Bitcoin SV suffering one more 51% attack – the largest one since its launch, DeFi protocol on the BSC, Wault Finance, suffered a flash loan attack.
The hacker repeatedly utilized flash loans and compromised the stake function to drive a surge in the value of WEX – Wault Finance’s native token. The hacker compromised the USDT/WEX pool by way of the WEX contract, going on to drain all the WEX tokens from the contract. The attack caused a loss of around $816k to the community, despite the contracts having been audited by leading cybersecurity firms CertiK and Hacken.
In response to the attack, Wault Finance temporarily suspended minting of WUSD and reduced rewards from previous boosts to 25%. In addition, it has announced a buyback of WEX to stabilize its price and will resume filling the WUSD treasury once the vulnerability has been fixed.
Meanwhile, the Bitcoin SV’s attack is the latest in a series of attacks taking place since June and is the largest one since its launch, causing 570k transactions to be wiped out. In response, leading crypto exchange Coinbase stopped all BSV trading on its platform.
Bitcoin SV has been seeing a rising incidence of double spending attacks due to its numerous vulnerabilities, especially since it has a limited number of nodes. A few weeks ago, cold storage wallet Gravity also announced a suspension on BSV withdrawals and deposits while other leading crypto exchanges, including Huobi, OKEx and Bittrex also suspended transactions in this digital asset in July.
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