Fresh security concerns have emerged across the BNB Chain ecosystem after attackers exploited SKP-linked liquidity routes and drained nearly $212,000 from multiple DeFi protocols. Blockchain security firm TenArmor detected the suspicious activity on May 27, identifying unusual asset movements involving SKP pools, PancakeSwap, Venus, and Lista DAO contracts.
The incident has once again highlighted the growing risks tied to thin liquidity, pricing inefficiencies, and weak safeguards across smaller decentralized finance markets.
TenArmor wrote on X, “Our system has detected a suspicious attack involving #SKP on #BSC, resulting in an approximately loss of $212K.”
Transaction records show the attacker rapidly moved BSC-USD, BTCB, and SKP through multiple lending and swap protocols before ending with stablecoins and BNB under attacker control. Final wallet balances showed roughly 162,854 BSC-USD and 74.877 BNB, aligning with the estimated loss value.
Attack structure raises liquidity concerns
Evidence from early transactions indicates that the hacker did not take out any money from wallets directly but was tampering with liquidity issues. The hacker took advantage of pricing inefficiencies among various DeFi pools and lending platforms. Consequently, this hack revealed how smaller crypto exchanges could be susceptible to instability during massive trades.
The flaw associated with the hacking attack remains unknown to researchers as they continue to investigate the design of SKP tokens, liquidity pools, and lending connections. Without knowing the cause of the vulnerability, investors remain wary about liquidity pools related to SKP projects.
Dip-buyers should refrain from taking advantage of the low prices until an official explanation is provided through the post-mortem. As a liquidity provider, it is best to check for any approvals on your wallet and confirm pool balances before depositing funds into it.
DeFi exploits continue across multiple chains
The SKP exploit adds to a growing series of security failures across the decentralized finance sector this year. Investors already faced rising concerns after attackers drained nearly $3 million from 86 Gnosis Safe wallets through a vulnerable SquidRouterModule integration. Blockchain security firm Blockaid said the attackers quickly converted the stolen assets into DAI using Uniswap V3 liquidity pools.
Additionally, attackers recently exploited Butter Bridge V3.1 across Ethereum and BNB Chain and minted nearly one quadrillion fake MAPO tokens. Around the same period, THORChain suffered a separate multi-chain exploit that drained roughly $10.8 million from its ecosystem. The attack affected Bitcoin, Ethereum, Base, and BNB Smart Chain infrastructure simultaneously.
The increase in the frequency of attacks further puts pressure on confidence levels in DeFi markets. As per data from Immunefi and DefiLlama, the total amount stolen by hackers in crypto exchanges in 2026 stood at over $770 million. Furthermore, over 40 crypto protocols closed their operations this year due to increasing exploitation costs.
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