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On May 30th, Beijing time, PeckShield’s “Paid shield” warning showed that Belt Finance, an AMM protocol combined with multi-strategy revenue optimization on the BSC chain, was attacked by lightning loans.
Through tracking and analysis, PeckShield found that the attack originated from the attacker repeatedly buying and selling BUSD, using loopholes in the calculation of the balance of the bEllipsisBUSD strategy to manipulate the price of beltBUSD for profit.
What’s interesting is that Ellipsis is a project of Fork authorized by Curve on the DeFi protocol on Ethereum. Judging from past attacks related to Curve, has Pandora’s box been opened again?
Since the price of beltBUSD depends on the sum of all machine gun pool balances, the attacker deposits BUSD into the bVenusBUSD strategy and then proposes BUSD. In theory, since the number of assets remains the same, even if the attacker repeats the operation multiple times, it will not make a profit. However, if other strategies are manipulated, the price of beltBUSD will be affected.
In this attack, the attacker manipulated the price by buying and selling BUSD multiple times, and then exploiting the loopholes in the calculation of the balance of the bEllipsis strategy.
Subsequently, the attacker converted the acquired assets into ETH in batches through the Nerve (Anyswap) cross-chain bridge. CoinHolmes, an anti-money laundering situational awareness system under PeckShield, will continue to monitor asset movements.
This is already the fourth security incident on the BSC chain since this week. This week, we warned and analyzed the security incidents of Fork PancakeBunny and Uniswap. Attacks on the BSC chain showed an acceleration and growth trend. Are Ethereum DeFi attackers attacking again or are new imitation criminals emerging?
When the attack accelerates, the security foundation of the entire DeFi field is worth reexamining, and attackers are definitely not only focusing on a new star. PeckShield reminds Fork Curve that the DeFi protocol must self-check the code, eliminate similar loopholes, or seek the help of a professional code audit team. It is not too late to lose.
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