GANA Payment, which is a decentralized payment system built on the BNB chain, just got hit with a brutal $3.1 million hack. The native GANA token absolutely tanked after the news, dropping from $2.98 all the way down to $0.31, which is like a 90% crash.
Blockchain investigator ZachXBT tracked down what happened and found that the hacker stole 1140 BNB worth about $1.04 million and ran it through Tornado on BSC to hide the trail. Then they moved funds over to Ethereum and dumped another 346.8 ETH worth $1.05 million into Tornado there too. At the time of the report, the attacker’s wallet was still holding 346 ETH.
This makes GANA the latest DeFi project on BSC to get exploited this year. BSC has seen way more hacks than Ethereum, mostly because fewer projects bother getting proper audits. Only 41% of smart contracts on BSC get audited compared to 74% on Ethereum, which is a huge difference.
The BNB Chain has been trying to fix this problem, though. They launched something called BEP-340 earlier this year to track exploits faster, and they’ve paid out $1.2 million in bug bounties to researchers who find vulnerabilities.
Conclusion
GANA’s collapse highlights a deeper issue: BSC’s weak audit culture keeps leaving projects exposed. Until security becomes a priority, exploits like this will keep hitting the ecosystem.
Also Read: Bitcoin Plunging Right Now
