Security is everything and even more when it comes to your money, so it is important to verify very well the place where you invest your money and know if it is really safe, for that reason the financial companies of the traditional economic system such as banks or investment funds, spend billions of dollars constantly to renew and strengthen their security systems, and this also happens in decentralized finance, as the exchanges or defi are in a constant race to offer greater security. A few days ago I published an article called A great tool for verifying security on DeFi Platforms where I showed you a tool that can help you when looking for a safe defi to invest or exchange your money.

Defi Safety is a website that compiles the data provided by the different decentralized financial platforms and shows you a list of those that are totally unsafe and dangerous, and those that have a high level of foolproof security.

iproUP

As it is well known BSC is the binance blockchain, which unlike ethereum offers low transaction fees which benefits those who make transactions of less than $25 and this is like finding a gold nugget, but this gold nugget comes with many impurities, since one of the main weaknesses of BSC is security, and we have seen that many times when hearing news of hacks or thefts in BSC based defi.

And in fact, a few hours ago it was reported that again BSC defi's were at risk, for sure you have already heard that a few hours ago there was a malicious attack on Binance Smart Chain's DeFi platforms, where something extremely important was hijacked as the thieves got hold of the DNS, and this is potentially dangerous as they can use those DNS's to Phishing users and steal their account or money. Although at the moment it is not known the magnitude of the losses occurred, the affected defi platforms through twitter posts informed users of the security breaches and warned that operations are at risk.

This news comes at an inopportune time, as it is the second consecutive attack in such a short time to Binance Smart Chain's DeFi platforms, because on the 4th of this month was Meerkat Finance the platform that was under attack (internal?) where losses of more than 30 million dollars were counted. These incidents put Binance and its easily breachable tracking system on the ropes, since the most affected platforms are PancakeSwap and Cream, which combined have the largest volume of BSC money, moving more than USD 500 million every day.

But, this type of attacks against BSC is nothing to be surprised about, since it is a blockchain with many weaknesses, for example they use 21 validator nodes of which most are controlled by binance or are associated with them, this leaves them with a great vulnerability to attacks (Internal and external) like the one we are seeing right now.

And as if that were not enough, another factor that subtracts even more the credibility of the security offered by BSC, we can see very clearly in the Defi Safety site because if you see the list of sites with questionable security you can find that some of them are based on BSC, for example: UniSwap 86% and SushiSwap 57% do not have enough score to provide credibility against attacks, although in this list is mentioned C. R.E.A.M, I really do not know if it is the same defi that is based on BSC, but if it is the same because it has serious problems since it has an 8% on this scale, which puts it in maximum danger and is not recommended to operate.

Defi Safety

But despite the constant security breaches and the possibility of losing a lot of money, there are still many users who prefer to use BSC-based services or defi platforms, at the cost of a clear lack of security. Simply because of the low transaction fees. It is certainly a high price to pay in exchange for avoiding the exorbitant fees of Ethereum-based defi.