Exit Scam Shakes BSC as Hacker Makes Away with $1.11M

Binance Smart Chain (BSC) has bore witness to a staggering exit scam. AegisWeb3, a vigilant blockchain watchdog, raised the alarm, and the token at the center of this scandal is $LSC. $LSC, experienced a plummet of 97% in its value amid the news. The story unfolds with the revelation that an unidentified individual orchestrated this audacious exit scam, raking in a profit of approximately $1.11 million BUSD. The gains were swiftly transferred to another address, further obscuring the scammer’s tracks.

0x9Ef72E…27446Deb has dumped tokens for a profit of ~1.11M$BUSD, then transferred the funds to 0x23f8c8…acfFd896

TX:👇https://t.co/495CH1NSVlhttps://t.co/VFxntmVm04 pic.twitter.com/aNr1EZ00H2

— AegisWeb3 (@AegisWeb3) October 9, 2023

The Exiter received a sum of 3 million $LSC tokens from contracts associated with the address. Notably, the former address is the designated #nodeFeeAddress for $LSC, adding an element of intrigue to the narrative.

The origin of the tokens funneled through “0x409F8C…07D04123” can be traced back to the Deployer, deepening the mystery surrounding this exit scam.

Upbit faces multiple hack attempts

While this exit scam sends shockwaves throughout the BSC, the crypto world faces challenges of a different kind. In 2023, there has been an alarming surge in hacking attempts on cryptocurrency exchanges. South Korea’s Upbit exchange, in particular, has found itself in the crosshairs of malicious actors.

Statistics reveal that the Upbit exchange weathered an astounding 160,000 hacking attempts during the first half of 2023. This figure represents a troubling 2.17-fold increase from the previous year, according to a report by the Yonhap News Agency.

The Korean National Assembly’s Science and Technology Information and Communication Committee provided these disconcerting numbers. Despite a crypto market downturn of 63% from its peak, the frequency and intensity of attacks on crypto exchanges are on the rise.

Upbit’s security woes extend further back, with a $50 million hack in late 2019. In response, Upbit’s parent company, Dunamu, implemented rigorous security measures, including the widespread use of hot wallets, ensuring airtight cybersecurity.

We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.

Stay #SAFU

— CZ 🔶 Binance (@cz_binance) November 27, 2019

As the crypto landscape continues to evolve, vigilance and security remain paramount. Investors are cautioned to exercise prudence, while exchanges like Upbit bolster their defenses against the relentless tide of cyber threats.

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