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 perpetrator gathered the stolen assets into a BSC address, specifically “0x2e8…e5c38,” and converted most of the funds into BNB. This strategic move facilitated an easier laundering process and prepared the funds for rapid movement across different blockchains.
The attacker then deposited 1,140 BNB, valued at nearly $1.04 million, into Tornado Cash on BSC. Following these initial deposits into Tornado Cash, ZachXBT reported that the hacker transferred the remaining stolen assets to the Ethereum network. This cross-chain approach introduces additional layers of complexity and privacy, making the investigation more challenging.
Notably, GANA Payment has not published any formal security audits or public technical documentation. Similarly, no information has been disclosed regarding the specific cause or vulnerability that enabled the attack. As the investigation progresses, users and stakeholders are advised to remain vigilant for further details about the exploit.
BNB in Spotlight as BSC Volume Surges Past Ethereum
In May, the BNB Smart Chain processed over $100 billion in trading volume on its decentralized exchanges (DEXs). This volume surpassed the combined figures of Ethereum and Solana during the same period. Ethereum recorded $67 billion in volume, while Solana registered $97 billion.
The strong growth of BNB is not solely attributed to trading volume. Recent upgrades to the BSC network have significantly enhanced its speed and efficiency. The Pascal upgrade improved the chain’s interoperability with Ethereum. Concurrently, the Lorentz upgrade reduced block times from 3 seconds to 1.5 seconds, resulting in considerably quicker transactions.
Furthermore, there are indications that BNB may experience continued long-term growth. Analysts from Standard Chartered have predicted the BNB price to reach $2,775 by 2028.
Mobius Hit Amid MBU Tokens Exploit on BNB Chain
In a separate incident, malicious actors targeted MBU tokens from Mobius smart contracts on the BNB chain, siphoning approximately $2.15 million worth of 28.5 million MBU tokens. Operating with the contract address “0x631adf…,” the attacker exploited vulnerabilities within the decentralized finance (DeFi) sector.
Reports also indicated that the transactions involved in the attack exhibited unusual patterns, suggesting a deliberate methodology. Experts are leveraging these patterns to identify potential indicators that could serve as detection markers for future exploits.
This development underscores the increasing necessity for developers and investors to bolster security measures designed to safeguard user funds. Incidents involving malicious attackers invariably lead to irreversible losses for those whose funds are stolen.