Almost $2 million got drained from a PancakeSwap lottery pool via an exploit while the Binance Smart Chain continues to see plenty of its projects being exploited so let’s read more in our latest altcoin news today.
The latest exploit was done by someone that had access to the Pancakeswap admin address that saw almost $2 million got drained from the protocol. The exploits are an age-old problem with smart contracts and they are most of the time random. Solidity for example has no native random function and all of the sources of randomness have to be on the chain. The projects use things like block headers, transaction hashes, and more to create legitimate sources of randomness but they are
The issue led to exploits in the past like the Meerbits exploit that we saw recently. The Pancakeswap lottery numbers were generated and based on certain predictable conditions with the exploiter being able to use this information and to predict the numbers in advance so it drained the entire pool. While it is true that the admin account didn’t make use of the exploit and drained the funds, the author had a misconception saying that this was no foul play and that the funds weren’t stolen. While there has been no official statement from the team on the matter, the event was clearly a white hat removal of the funds from the contract and prevented a malicious actor from figuring out the bug and exploiting it.
This is evident from the fact that PancakeSwap admins used their public address to carry out the exploit so if they wanted to drain the funds maliciously, they would have used an anonymous account. The funds recovered from the lottery pool were being burned in batches by the admin address. While the exploit is scary and not a good sign, the handling of this by the team gave a shot of confidence and proved that PancakeSwap is willing to fix issues when needed.
As reported recently, A crypto scammer scammed himself as it was posted in Reddit when a user started asking for help in returning funds from a BEP-20 token he created. It turns out this was a scam mimicking an existing unranked project whose use case was to mine crypto on mobile phones. Whether on ETH or Binance Smart Chain, anyone can create a token. But with the binance Smart Chain, it is much cheaper and users seem to be making their way to the network.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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