bEarn Fi Lost $11 Million, the Latest Attack of the Binance Smart Chain DeFi Protocol

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bEarn Fi Lost $11 Million, the Latest Attack of the Binance Smart Chain DeFi Protocol

bEarn Fi is a cross-chain auto yield farming protocol that was attacked early hours of Sunday, causing nearly $11 million in losses, according to PeckShield, a Chinese blockchain analytics firm.

Binance Smart Chain-based DeFi Protocol Latest Attack

This is the latest attack on the decentralized financial protocol based on the Binance Smart Chain, one of the so-called Ethereum killers founded by the centralized crypto exchange giant Binance.

bEarn Fi’s official Twitter account wrote at around 9:31 a.m. EST Sunday:

“Dear community, we are aware that users’ deposits in BUSD have increased significantly. Please be advised that we are currently investigating the Alpaca Vault incident.”

“No other bVault has been affected but we have taken a precautionary measure and temporarily paused withdrawals and deposits for all bVaults.”

“You will be able to use the bVaults once we have finished with our investigation. We will stay in touch with the community and release more information as it becomes available.”

A PeckShield spokesperson reported that the cause of the attack is still being investigated, but the attack on bEarn Fi caused nearly $11 million in damage.

On bEarn Fi’s Telegram group, users have asked bEarn Fi team members if there has been an issue with the Binance USD (BUSD) library on bEarn Fi since early Sunday morning EST.

“Is there a problem with the BUSD vault?” Asked a user at 7:11 am Eastern Standard Time. “It’s increasing so much that it’s impossible.”

One member of the bEarn Fi team wrote, “We are working on it,” in response to multiple requests from users about the safety of their funds.

In early May, another BSC-based DeFi protocol, Spartan Protocol, was attacked and lost more than $30 million.