GANA Payment Hit by $3.1M Heist in BNB Smart Chain Hack

Blockchain investigator ZachXBT has reported that GANA Payment, a project on the BNB Smart Chain, lost over $3.1 million due to a security breach. According to reports, the attacker used a complex process to launder the stolen funds through Tornado Cash on both BSC and Ethereum. 

Attacker Uses a BSC Address to Spread Stolen Funds

The bad guys gathered the stolen assets into a BSC address “0x2e8…e5c38,” and converted most of the funds into BNB. This move helped the attacker make the laundering process easier and prepare the funds for quick movement across different blockchains.

The attacker deposited 1,140 BNB, worth almost $1.04 million, into Tornado Cash on BSC. After the first deposits into Tornado Cash, ZachXBT reported that the hacker moved the remaining stolen assets to Ethereum. This cross-chain approach makes it even harder for investigators, as moving assets adds extra layers of complexity and privacy.

Notably, no formal security checks or public technical documents for GANA Payment have been published. Likewise, no information has been provided about the cause or weakness that allowed the attack. As the investigation continues, users and stakeholders are staying alert for more details about the exploit to be released.

BNB in Spotlight as BSC Volume Surges Past Ethereum

In May, the BNB Smart Chain processed more than $100 billion in trading volume on its decentralized exchanges (DEXs). Interestingly, this was more than what Ethereum and Solana recorded simultaneously. Ethereum had $67 billion in volume, while Solana had $97 billion.

The strong growth of BNB is not just about volume. Recent upgrades to the BSC network have made it faster and more efficient. The Pascal upgrade improved the chain’s ability to work with Ethereum. Meanwhile, the Lorentz upgrade reduced block times from 3 to 1.5 seconds, making transactions much quicker.

Notably, there is another sign that BNB may continue to rise in the long term. Recall that Standard Chartered analysts predicted the BNB price to reach $2,775 by 2028.

Mobius Hit Amid MBU Tokens Exploit on BNB Chain

In a similar vein, malicious actors targeted MBU tokens from Mobius smart contracts on the BNB chain. According to updates, the attacker siphoned 28.5 million MBU tokens valued at approximately $2.15 million. Operating with the contract address “0x631adf…,” the attacker exploited decentralized finance (DeFi) sector vulnerabilities.

Reports also revealed that the transactions were not typical, and there appears to be a pattern linked to the attack. This suggests that experts leverage it to note possible indicators that might serve as detection markers.

The development highlights the increasing need for developers and investors to enhance security measures that could protect users’ funds. No doubt, incidents of malicious attackers usually result in permanent losses for all whose finds were stolen.