DeFi project LaunchZone claims to be latest victim of BNB chain exploits

Decentralized finance (DeFi) protocol LaunchZone has claimed an attacker has drained 80% of funds in its liquidity pool, worth $700,000.

LaunchZone claims to be “the ultimate DeFi platform.” The BNB Chain-based protocol paused trading and transferring of its native token, LZ, until “the problems are solved,” it announced on Twitter earlier today, in a post that restricts replies.

However, it shared an announcement by crypto exchange Biswap that LZ will be delisted due to its alleged hack.

The price of its native token has dropped over 80% today, from $0.15 to $0.026. According to blockchain data, the $700,000 in funds was swapped through PancakeSwap.

Some users on Twitter are wary that the project may be a rug-pull rather than an attack. However, LaunchZone alleged that the same exploiter also attacked BNB chain-based DeFi project Dungeonswap (DND). Some Twitter users claim the same exploiter stole $18,000 from DeFi protocol HecoFi (HFI).

Read more: Polygon hit by 157-block ‘reorg’ despite hard-fork to reduce reorgs

One user replied to LaunchZone claiming their wallet was hacked. “BUSD automatically swapped to DND,” they wrote on Twitter.

At press time, the LaunchZone team has yet to publish any other information and has not replied to our request for comment.

For more informed news, follow us on Twitter and Google News or subscribe to our YouTube channel.