Share this article
Belt Finance Victim of Flash Loan Attack in Latest Exploit of a BSC DeFi Protocol
Withdrawals and deposits are temporarily paused.
Updated Sep 14, 2021, 1:03 p.m. Published May 30, 2021, 3:24 p.m.
Belt Finance, a platform that provides automated market making for decentralized finance (DeFi), was hacked Saturday in a flash loan attack that resulted in a profit of $6.23 million for the perpetrator and an overall $50 million loss for the platform.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- It's the latest attack on a DeFi protocol built on Binance Smart Chain, one of the so-called Ethereum killers that's built by centralized crypto exchange giant Binance.
- In a blog post, Belt Finance said the attacker created a smart contract that used PancakeSwap for flash loans and exploited its beltBUSD pool and its strategy protocols and then proceeded to execute the contract eight times for a total profit of 6.23 million BUSD (US $6.23 million).
- BeltBUSD vault users suffered a 21.36% loss of funds, while 4Belt pool users lost 5.51%, the protocol said. No other pools/vaults were affected. Overall, the attack cost the beltBUSD pool a combined loss of 50m BUSD (US $50 million) consisting of 43.8m in fees and the 6.23 million BUSD that the attacker withdrew as profit.
- The protocol said it paused withdrawals and deposits as soon as it were aware of the attack and that the vulnerability that allowed the attack to occur has been patched.
- In its blog post dated Sunday, Belt Finance said withdrawals and deposits would resume sometime in the next 24 to 48 hours and that it's working on a "compensation plan" that will be released in next 48 hours.
Read more: bEarn Fi Loses $11M in Latest Exploit of a Binance Smart Chain DeFi Protocol
UPDATE (May 30, 23:14 UTC): Adds that beltBUSD pool's loss was a total 50 million BUSD with the 43.8 million in fees added to the 6.23 million in profits taken by the attacker.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
