LaunchZone, a decentralized protocol on BNB Chain, lost $700,000 in an exploit on PancakeSwap DEX. Trading of its token, LZ, was paused and later delisted by Biswap. The LZ/BUSD trading pair on PancakeSwap DEX showed a spike in trading volume of over 7,000% in the last 24 hours, suggesting it may have been used in the exploit. Chainalysis reported that DeFi exploiters stole over $3 billion in 2022, accounting for 82% of all crypto attacks. COO of Halborn suggested that many DeFi protocols suffer attacks due to insufficient investment in security personnel. Earlier this month, Jump Crypto found a security flaw in Binance’s BNB Chain that was resolved within 24 hours.
