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Binance Smart Chain Projects Under DNS Attack

There are different kinds of DNS attack. But a lot of Binance-built Defi projects have declared that a domain name system (DNS) hijacking is happening on their platforms. Since it is a DNS hijack, the traffic from their domain names is being driven to another location.

Cream: The First to Cry Out

Cream finance’s tweet was that its DNS is being compromised by another third party. According to the tweet, their users were being requested to provide their seed phrases – a common way to recover wallets.

Wallet holders are often warned against sharing their seed phrases with third parties. Anyone with the seed phrase can access the holder’s wallet. Cream re-emphasized this warning in the concluding tweet: “you should never give out your private key or seed phrases. We will enter request you to submit any of them.”

Cream Tweet. Source: Twitter

Pancake Also Reported a Hijack

A few moments after cream’s tweet, PancakeSwap announced that a hijack similar to that of cream may have happened to them as well. They suggested that all users hold off on any transaction on their site till they can confirm what’s going on.

Few minutes after the ‘hold off’ tweet, PancakeSwap confirmed the suspicion of a DNS hijack on their site. They also gave a similar warning to that of cream: “don’t ever enter your private key or seed phrase on any website.”

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PancakeSwap Tweet. Source: Twitter

Binance Acknowledged What’s Going On

Since PancakeSwap is Binance Smart Chain’s leading Defi platform, it didn’t take long before Binance took notice of the situation. Changpeng Zhao, who is the CEO of Binance confirmed that the attack is indeed happening on his official Twitter handle .

Binance CEO Tweet. Source: Twitter

Prasad Tunger replied to CZ’s tweet by sharing an image of his attempt to access the PancakeSwap website. As displayed in the picture, there is a warning that attackers might be stealing information from the PancakeSwap domain because the connection on the site isn’t private.

Sadly, there have been previous attacks on platforms using the Binance Smart Chain. One such occurrence happened in February 2021 to cream. However, cream’s team couldn’t stop the hacker until he had stolen over $37 million.

Binance Smart Chain Ascendency

While Ethereum’s expensive gas fees have made Binance Smart Chain a threatening competitor, it may not take over from Ethereum because of its constant security challenges. While the Defi niche continues to grow in popularity, there would be some people looking to exploit the protocols and scam people of their hard-earned cash. Analysis by DappRadar (a top site for insights on various dApps) mid-last month reveals that the most important blockchain right now is Binance Smart Chain. Its transaction volume was valued at $745 billion, while it experienced a 266% increase in unique active wallets. Thus, Binance Smart Chain’s increasing popularity may be attracting attackers to its projects. Again, it is worth repeating that you should never disclose or enter your seed phrase anywhere or to anyone. Also, provide adequate protection for your coins by using robust security measures.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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