Changpeng Zhao warns people against Defi hack incidents
The chief executive officer of Binance exchange suggested people remain safe from Defi attacks following a Defi attack on Decentralized protocol MangoMarket.
On 12 October, Defi MangoMarket faced an attack and lost around $100 million worth of funds.
@mangomarkets was just drained for over $100M. https://t.co/SI4hccCIQx
— OtterSec (@osec_io) October 11, 2022
pic.twitter.com/IAKyXgN8gM
The price of MNGO, the native token of MangoMarket, plunged badly, which can be seen clearly in the attached classic price chart of this token.
Changpeng Zhao, founder & CEO of Binance exchange, quoted this incident on Twitter and suggested people to not put all their funds in a single Defi platform, in order to reduce fund loss risk possibilities.
A lot of hacks in DeFi these days.
— CZ
Manage your risks.
Think about worst-case scenarios. Don't put all your eggs in one basket.
Stay #SAFU https://t.co/mMQPJLaGRKBinance (@cz_binance) October 12, 2022
Hack attack on BNBchain cross-chain protocol
On 7 October, BSC Token Hub, a cross-chain protocol between BNB Bep2 & BNB Bep20 (BSC) was exploited by a hacker because of a vulnerability in the smart contract of the cross-protocol.
In the hack attack, hacker(s) secured around $100 million worth of funds.
The current impact estimate is around $100m USD equvilent, about a quarter of the last BNB burn.
— CZ
BNB coin is fully backed by Binance exchange and Binance is known for its high level of security in its crypto services, which makes it the first-ranked crypto company in the crypto world. So this incident confirmed that we should remain aware of every type of Defi protocol, no matter whether the platform is highly secured or not.
Binance CEO Zhao always supports innovative crypto projects to push crypto adoption with better services. In the past, Binance conducted many crypto & blockchain technology education & awareness programs in schools & colleges, to bring talent to the crypto sector.
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