Flash credit attack on Binance smart chain stolen $ 30 million from Spartan protocol with BNB

While the crypto market has evolved into new innovations and developments, it continues to grapple with phishing and hacking attacks. Recently, Spartan Protocol, a community platform that supports deep fluid pools, reported a new hacker attack online. According to information provided by Spartan, the hackers used an economical way to transfer $ 30 million of funds from the Spartan pool. Attackers reportedly used $ 61 million worth of Binance Coin (BNB), the native cryptocurrency of Binance Smart Chain (BSC), to overcome this action. What we know so far – * The attacker used $ 61 million in BNB to cross pools through an as yet unknown economic exploitation to attract nearly $ 30 million in funding from the pools. If you can help identify and analyze the abuse, contact us. Https://t.co/aNTvdzKOeF CC @RektHQ @samczsun @bneiluj – Spartan Protocol (@SpartanProtocol) May 2, 2021 Unfortunately, crypto scams continue to transform the rapidly developing crypto space. However, Spartan said he was working with the Binance team to find a solution to this problem and recover the stolen money. Flash Credit Attack on Binance Smart Chain Data analytics and blockchain security firm PackShield conducted a root cause analysis on this issue. The company noted that "the incident was caused by the insufficient calculation of the liquidity share in the protocol". This allowed hackers to abuse the protocol and extract resources from pools. In a brief summary, the blockchain security company said, “This was caused by the erroneous logic in calculating the liquidity share when the pool token was burned to include underlying assets. Specifically, a particular hack will increase the pool asset balance before burning the same number of pool tokens to claim unnecessarily large amounts of underlying assets. The result of this attack results in a loss of over $ 30 million in the affected pool. It is the first of its kind, as China's popular crypto analyst Wu Blockchain announced

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