Attacker Converts $0.25 into $46 Billion in SyBTC Tokens through Symbiosis Vulnerability

A recent attack on the DeFi protocol Symbiosis allowed an attacker to convert $0.25 into approximately $46.1 billion in syBTC tokens without any corresponding Bitcoin backing.

The attack occurred on September 11 and targeted the Bitcoin Bridge of Symbiosis, a service used for moving value between the Bitcoin network and other blockchains.

The attacker made 12 false deposits in about four minutes, involving BNB Chain, Ethereum, and Rootstock, and was able to issue approximately 46.1 billion syBTC tokens.