DeFi Lender bZx Suffers Hack for Reported $55M

5 November 2021

in Market

Reading Time: 2 mins read

Decentralized finance (DeFi) lender bZx suffered a hack of reportedly $55 million, according to a tweet on Friday by the blockchain security firm SlowMist.

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“#bZx private key compromised, over $55 million dollars stolen so far. We’ll continue to update as more information is discovered,” SlowMist tweeted.
bZx responded in a tweet that a private key controlling the protocol’s deployment on Polygon and Binance Smart Chain was compromised, but that its smart contracts were not.
The protocol added that about 25% of the stolen amount was “personal losses from the team wallet that was compromised,” and that the incident is still under investigation.
bZx suffered three hacks last year, although it was able to recover $8 million in cryptocurrency from the third and largest of these attacks, which occurred in September. The other two hacks for $630,000 and $350,000, respectively, occurred in February.

#bZx private key compromised, over $55 million dollars stolen so far. We’ll continue to update as more information is discovered. @RektHQ @ChainNewscom @bZxHQ https://t.co/SM6WWDt06J pic.twitter.com/39S05IiBFr

— SlowMist (@SlowMist_Team) November 5, 2021

Important to note: the bZx smart contracts themselves were not compromised. This incident only impacted the Polygon and BSC deployments via a compromised key.

— bZx – Fulcrum & Torque (on ETH/BSC/Polygon) (@bZxHQ) November 5, 2021