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Another altcoin has joined the hacked Binance Smart Chain (BSC) projects. Decentralized finance (DeFi) protocol Impossible Finance (IF) has faced an attack that resulted in six-figure losses. Imposible Finance lost $500,000 in the latest DeFi flash-credit attack.

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Hundreds of thousands of dollars lost in altcoin project

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Impossible Finance lost $500,000 in this latest hack. According to SushiSwap core developer Mudit Gupta, the attack on Impossible Finance’s liquidity pool; It resulted in losses of 230 Ethereum (ETH), i.e. more than $500,000.

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https://twitter. com/Mudit__Gupta/status/1406878176509194246

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“Apparently Impossible Finance was not a fork of BurgerSwap,” Gupta said, noting that both projects share the same vulnerability and are exploited in the same way.Cryptocoin. com

As we have previously reported as , BurgerSwap protocol faced a similar attack in late May. At that time, the hacker made a flash credit attack with a fake token and withdrew more than $ 7 million. The Impossible Finance team stated that on Telegram, liquidity providers have allocated an insurance to cover their losses.

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IF price up

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Impossible Finance raised $7 million from multiple investors in early June. At the time of writing, IF price is trading at $1.80 and is up 33.4 percent in the last 24 hours.

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Michael Lewis

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