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LaunchZone hack: Over $700k drained from DeFi protocol in massive exploit

Arbitrum airdrop: $500K Tokens Stolen Through Hacked Vanity Addresses

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TL;DR

  • The BNB Chain-based decentralized finance (DeFi) protocol LaunchZone lost $700,000 worth of funds in a suspected exploit attack.
  • The project advised its 44,000 Telegram channel members not to buy tokens until further information was gathered.

On February 27, the BNB Chain-based decentralized finance (DeFi) protocol LaunchZone lost $700,000 worth of funds in a suspected exploit attack. In response to this event, the project advised its 44,000 Telegram channel members not to buy tokens until further information was gathered. The native token LaunchZone (LZ), which was swapped out of the protocol’s liquidity pool via PancakeSwap, saw a dramatic drop in the value of more than 80%. Despite having an impressive 275,000 Twitter followers, LaunchZone has yet to make any warnings or announcements on this platform.

While details about the attack remain scarce, the project currently handles the situation and aims to provide timely updates. Currently, users are advised not to purchase tokens until further news is released.

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In October 2022, the BNB Chain ecosystem experienced a massive exploit that resulted in a loss of $100 million. This exploit was facilitated by a cross-chain vulnerability which attackers took advantage of. Fortunately, this vulnerability was identified and reported to the BNB Chain team by web3 infrastructure firm Jump Crypto in February before it could be exploited further. As a result, the BNB Chain team was able to patch the vulnerability and contain any potential damages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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