The Tron-based JST token appears to have been hijacked, according to an automatic detection mechanism by cybersecurity company PeckShield. In this most recent attack, according to PeckShield, a con artist sent 4,600 BNB worth $1.25 million to a Tornado cash mixer while keeping 2,555 BNB worth about $693,000 in the hacker’s wallet.
However, the platform’s native governance token (JST) has been in use since May 2020. In May of this year, PeckShield recorded a slippage of -65% on the JUST (JST) token. A certain address purchased JST for 100 BNB, which after more than a month increased to 3,000 BNB. By making a significant sell and afterwards transferring 800 BNB to Tornado cash, the address dumps JST. JST had a market capitalization of $253 million and was trading at $0.028 at the time of writing. The most market share supremacy in Tron’s DeFi TVL belongs to Just Lend, a TRON-powered money market protocol that enables users to add liquidity to lending pools and take out low-interest cryptocurrency loans.
JUST is an acronym for a decentralised finance (DeFi) ecosystem developed on the TRON blockchain, with the majority of its products concentrated on the JustStable decentralised stablecoin lending platform. The JUST ecosystem has two currencies: USDJ and JUST (JST) tokens. It was introduced in August 2020 after an initial exchange offering (IEO) on the Poloniex LaunchBase platform earlier in the same year.
The Tron blockchain is the second-largest network in terms of total value locked (TVL) in decentralised finance (DeFi) protocols, after Ethereum, according to DefiLlama data. At the time of writing, Tron’s TVL in DeFi was $5.51 billion, exceeding the TVLs of Avalanche (AVAX) and Binance Smart Chain (BSC).
News Summary:
- 4,600 BNB Exploit Reportedly Hit Tron’s JUST Ecosystem
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