Cryptocurrency [loss] $1M+

"$700,000 drained from BNB Chain-based DeFi protocol LaunchZone"

2023-02-27 [vendor] LaunchZone and Dungeonswap [chain] bsc
Primary Source ↗
Financial Loss $1.4M (1,427,900 USD)
Blockchain(s) Bsc

Incident Details

Two BNB-based defi projects have been exploited for around $700,000 each in attacks that one of the projects has claimed were perpetrated by the same group. First, an attacker siphoned more than 2,400 BNB (~$728,000) from the Dungeonswap defi project.Later, 80% of funds in the liquidity pool for the defi project LaunchZone were suddenly drained, tanking the LZ token price over 80% to $0.026 from its previous price of around $0.15. The stolen funds were priced at around $700,000.Some questioned if LaunchZone had rug-pulled. However, the project claimed that “$LZ is being hacked from [Dungeonswap] exploiter” and urged its users to “please keep calm”. They also announced that they had paused trading and transfers of the LZ token.

Total loss estimated at $1,427,900.

Technical Details

Initial Attack Vector
Exit scam / rug pull
Vendor / Product
LaunchZone and Dungeonswap

Timeline

  1. 2023-02-27 Breach occurred
  2. 2023-02-27 Publicly disclosed