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Binance Smart Chain Becomes the Target of a ‘Smear Campaign’

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  • The Binance Smart Chain has become the target of a smear campaign
  • Unscrupulous developers are creating tokens and Dapps that are sensitive and unethical
  • ‘Slave Finance’ and ‘Tanks of Tienanmen’ are two examples
  • The creators are allegedly attempting to force CZ and Binance to get rid of them thus proving Binance Smart Chain is centralized

The Binance Smart Chain is now a target of a smear campaign with yet-to-be-identified developers creating questionable tokens and Dapps.

‘Tanks of Tienanmen Token’ on BSC

One such example is the creation of the Tanks of Tienanmen token on the Binance Smart Chain. The creation of such a token is sure to cause speculation that Binance is set on a collision course with the Chinese Communist Party for the token’s reference to the 1989 Tienanmen Square protests. Details of the token can be found in the following screenshot courtesy of BSCscan.com.

Binance Smart Chain Becomes the Target of a 'Smear Campaign' 15

Slave Finance on the Binance Smart Chain

Slave Finance is a new DApp on the Binance Smart Chain that has raised a lot of eyebrows in the crypto community due to obvious ethical reasons. Below is a screenshot of the Slave.finance website and Twitter page.

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Slave.Finance homepage

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Slave Finance Twitter Page

Smear Campaign or Testing Whether Binance Smart Chain is Decentralized

One theory floating around on Crypto Twitter is that the ‘Tanks of Tienanmen’ token and ‘Slave Finance’ have been created to test how much control CZ has over the Binance Smart Chain. If both are taken down on the blockchain level, it would prove that the Binance Smart Chain is controlled by the team at Binance.

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Crypto community member @IDrawCharts best explains the catch 22 situation currently at play.

This @slavefinance_ thing is interesting. Obviously it’s terrible, but puts @cz_binance  in the position of either tarnishing his image by allowing it to continue, or highlighting the lack of $BSC decentralization by getting rid of it.

Clever sort of attack

We Cannot Control It – CZ

The CEO of Binance, CZ, has responded via several statements on Twitter on the creation of the above sensitive tokens and Dapps. Below are a few of them.

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A few hater kids think they can bring down a blockchain with some scams/sensitive posts. We honestly can’t control it. But they are just promoting #BSC to their followers. (Source)

So, I just learned this is not a new type of attack. #BTC maxis have used this tactic on ETH before, causing Etherscan (the most popular ETH explorer, a centralized website) to be blocked in China. There are better ways to deal with this now. (Source)

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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