DeFi protocol bZx suffers $8 million hack, customer funds safe

HeadlinesNewsDeFi protocol bZx suffers $8 million hack, customer funds safe

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DeFi protocol bZx suffers $8 million hack, customer funds safe

CryptoSlate7 months ago
Published on September 14, 2020 09:00 GMT+0edited on September 14, 2020 09:05 GMT+0

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Blockchain protocol bZx suffered a hack early Monday, with hackers making away with almost $8 million in various cryptocurrencies before the vulnerability was patched.

bZx hit thrice

bZx is a decentralized margin lending protocol & liquidation oracle marketplace on the Ethereum blockchain. Its protocol allows users to deploy smart contracts atop Ethereum to lend and margin trade without relying on third parties.

But security concerns have hit the project hard…thrice. Earlier this year, the protocol was compromised by malicious actors twice in the space of a week who managed to capture nearly $1 million in illicit funds. At the time, the firm promised to install more vigorous security services on its platform to avoid such a hack again.

And while there wasn’t any untoward …