Belt Finance
Summary
Belt Finance (belt.fi) is a multi-strategy yield aggregator and stableswap AMM built primarily on Binance Smart Chain (BSC), developed by South Korean blockchain firm Ozys. On May 29, 2021, the protocol was exploited via a flash loan attack that netted the attacker approximately $6.23 million in BUSD and caused an estimated $50 million in total pool losses. The protocol announced a phased compensation plan for affected users but full repayment status remains unverified; the protocol has continued operating in diminished form, with current TVL of approximately $12 million as of 2025.
Connected Entities
1 entitiesTimeline(10 events)
2021-04-01
Belt Finance launches on BSC as a multi-strategy yield aggregator and stableswap AMM built by Ozys.
BSC News project insight2021-05-29
Flash loan exploit executes against the beltBUSD vault eight times, netting the attacker approximately $6.23 million BUSD. Total pool losses estimated at $50 million. Belt Finance pauses deposits and withdrawals.
CoinDesk2021-05-30
BELT token dumps approximately 54% in the immediate aftermath of the exploit becoming public.
Decrypt2021-06-02
Belt Finance announces phased compensation plan including r4BELT airdrop for affected vault users and a $3 million BELT buyback fund.
CoinDesk2021-06-03
Halborn publishes post-mortem analysis of the Belt Finance hack, identifying the root cause as a faulty valuation assumption in the multi-strategy vault.
Halborn2022-02-01
KLAYswap, another Ozys-developed protocol, is exploited for approximately $2 million.
Rekt News / Blockworks2023-11-22
HECO Chain bridge exploited for approximately $87–115 million. Belt Finance suspends all HECO deposits. Withdrawals expected after V4 launch.
CoinDesk2023-12-31
Orbit Bridge (Orbit Chain), also developed by Ozys, is exploited for approximately $81.5 million on New Year's Eve.
Blockworks2024-01-04
Belt Finance V4 launches (delayed two weeks from original December 2023 date), adding Ethereum, Polygon support and dropping HECO.
Belt Finance official2025-01-15
HECO Network formally ceases operations, permanently ending Belt Finance's HECO deployment.
CoinMarketCapDecision Log
- hash: B2A9mFRwjCGg99izK9GdtBqNeoZuPbxC1A5G3qMqAiwT
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:56 AM
last updated: 5/28/2026, 6:37:09 PM
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