Verify a decision

{"actor":"system:backfill","investigation_id":"ecbfa59c-37e4-4b2a-9561-4ce69c7eb561","kind":"publish","page_slug":"belt-finance","published_at":"2026-05-28T18:37:09.256Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Belt Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/markets/2021/05/30/belt-finance-victim-of-flash-loan-attack-in-latest-exploit-of-a-bsc-defi-protocol","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-belt-finance-hack-may-2021","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/72358/belt-finance-exploited-6-2-million-flash-loan-attack","type":"other","url":""},{"credibility":3,"name":"https://www.vidma.io/blog/the-belt-finance-exploit-a-6-3m-flash-loan-attack-on-bsc","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/belt-finance-loses-millions-in-latest-bsc-based-defi-exploit","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2021/06/02/belt-finance-to-compensate-users-following-623m-attack","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/belt-finance-unveils-defi-hack-compensation-plan/","type":"other","url":""},{"credibility":3,"name":"https://finance.yahoo.com/news/belt-finance-unveils-defi-hack-053317193.html","type":"other","url":""},{"credibility":3,"name":"https://crypto.news/belt-finance-compensate-users-6-3-million-attack/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://blockworks.co/news/80-million-lost-orbit-bridge","type":"other","url":""},{"credibility":3,"name":"https://unchainedcrypto.com/orbit-chain-announces-significant-clue-in81-million-new-years-eve-hack/","type":"other","url":""},{"credibility":3,"name":"https://rekt.news/orbit-bridge-rekt","type":"other","url":""},{"credibility":3,"name":"https://bsc.news/post/belt-fi-project-insight-an-amm-incorporating-multi-strategy-yield-optimization","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.belt.fi/security-and-risks","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-belt-finance-hack-may-2021","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/tech/2023/11/22/justin-sun-confirms-htx-heco-chain-exploited-after-100m-in-suspicious-transfers","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/heco-chain-bridge-hack-86-million-lost","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/academy/article/52cb9dfd-1370-47cc-a30e-dc3a67bbcd9a","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/belt-finance","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/belt/","type":"other","url":""},{"credibility":3,"name":"https://belt.fi/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://isthiscoinascam.com/check/belt","type":"other","url":""}]}],"sources_used":[],"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.","timeline":[{"date":"2021-04-01","event":"Belt Finance launches on BSC as a multi-strategy yield aggregator and stableswap AMM built by Ozys.","source":"BSC News project insight","source_url":"https://bsc.news/post/belt-fi-project-insight-an-amm-incorporating-multi-strategy-yield-optimization"},{"date":"2021-05-29","event":"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.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2021/05/30/belt-finance-victim-of-flash-loan-attack-in-latest-exploit-of-a-bsc-defi-protocol"},{"date":"2021-05-30","event":"BELT token dumps approximately 54% in the immediate aftermath of the exploit becoming public.","source":"Decrypt","source_url":"https://decrypt.co/72358/belt-finance-exploited-6-2-million-flash-loan-attack"},{"date":"2021-06-02","event":"Belt Finance announces phased compensation plan including r4BELT airdrop for affected vault users and a $3 million BELT buyback fund.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2021/06/02/belt-finance-to-compensate-users-following-623m-attack"},{"date":"2021-06-03","event":"Halborn publishes post-mortem analysis of the Belt Finance hack, identifying the root cause as a faulty valuation assumption in the multi-strategy vault.","source":"Halborn","source_url":"https://www.halborn.com/blog/post/explained-the-belt-finance-hack-may-2021"},{"date":"2022-02-01","event":"KLAYswap, another Ozys-developed protocol, is exploited for approximately $2 million.","source":"Rekt News / Blockworks","source_url":"https://blockworks.co/news/80-million-lost-orbit-bridge"},{"date":"2023-11-22","event":"HECO Chain bridge exploited for approximately $87–115 million. Belt Finance suspends all HECO deposits. Withdrawals expected after V4 launch.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2023/11/22/justin-sun-confirms-htx-heco-chain-exploited-after-100m-in-suspicious-transfers"},{"date":"2023-12-31","event":"Orbit Bridge (Orbit Chain), also developed by Ozys, is exploited for approximately $81.5 million on New Year's Eve.","source":"Blockworks","source_url":"https://blockworks.co/news/80-million-lost-orbit-bridge"},{"date":"2024-01-04","event":"Belt Finance V4 launches (delayed two weeks from original December 2023 date), adding Ethereum, Polygon support and dropping HECO.","source":"Belt Finance official","source_url":"https://belt.fi/"},{"date":"2025-01-15","event":"HECO Network formally ceases operations, permanently ending Belt Finance's HECO deployment.","source":"CoinMarketCap","source_url":"https://coinmarketcap.com/academy/article/52cb9dfd-1370-47cc-a30e-dc3a67bbcd9a"}]},"v":1}