BNB Chain-based DeFi protocol LaunchZone claims it lost $700,000 after a hacker drained the funds from its liquidity pool.
Since the attack, the protocol’s native token has been plunging in value. LaunchZone has warned users from buying tokens until they conduct further investigation.
LaunchZone token plunges 80%
LauchZone announced on Twitter that the protocol is under attack and users should refrain from buying the token.
The message was first posted on their official Telegram group. The company later added that they have paused trading or transferring their token until they handle the situation.
Ae faimai foi LaunchZone, the company has lost $700,000, which hackers stole from the liquidity pool.
Since the attack, the company’s native token, $LZ, dropped by over 80% in hours. The token is currently trading at 0.02634, according to CoinMarketCap.
According to blockchain data from a number of different blockchain explorers, the funds were swapped out through PancakeSwap. (CAKE/USD)
Following the news, decentralized exchange Biswap announced that they would be delisting the $LZ token within five hours due to the hack.
Source: https://crypto.news/bnb-chain-based-defi-protocol-launchzone-loses-700k/