DeFi Lender bZx Suffers Hack for Reported $55M

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

• “#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.

UPDATE (Nov. 5 19:54 UTC): Adds third bullet point and information about 2020 hacks.