In Brief:
- Decentralized Finance lender, bZx suffered the hacking attack, resulting in a $55 million loss.
- Hackers stole private keys from bZx to integrate with Polygon and Binance Smart Chain.
- The company claims 25% of the stolen funds as “personal losses”.
The Decentralized finance (DeFi) lending protocol bZx became a victim of a cyberattack, which resulted in a $55 million loss. The blockchain security firm Slowmist posted a tweet about this incident on Friday.
As per the tweet from protocol, the private key, which was controlling the project’s deployment on Polygon and Binance Smart chain (BSC) was hacked by anonymous hackers. The company also added that smart contracts were not affected by this attack.
“#bZx private key compromised, over $55 million dollars stolen so far. We’ll continue to update as more information is discovered,” SlowMist tweeted.
The company claims that about 25% of the stolen amount was “personal losses from the team wallet that was compromised,” and the company is investing in the incident.
This is not the first time when the platform suffered from a cyberattack as last year the company got three attacks. While the company was facing this attack constantly, it had successfully countered the largest cyberattack on its platform after recovering $8 million in cryptocurrency.