On December 2023, Channels was exploited in a price manipulation on BNB Chain, resulting in approximately $4.4K in losses. That makes the Channels exploit the 415th largest DeFi incident out of 690 documented in our archive.
Attack Mechanics: How the Channels Price Manipulation Played Out
Exploit Class Applied to Channels
The Channels incident on December 31, 2023 is classified as a Price Manipulation. The attacker drives the on-chain price of a token up or down within a single transaction to extract value from the protocol. In the full archive, Channels is 1 of 85 documented price manipulation incidents.
Channels in Context
At $4.4K, the Channels exploit is a minor (<$1M) event compared to the largest same-class incident in our archive — CreamFinance (2021) at $130M.
Prior Price Manipulation Before Channels
The nearest price manipulation incident before Channels was Bob, 14 days earlier on December 17, 2023. The same exploit class surfaced again within the price manipulation attack surface.
Target Chain: BNB Chain
The vulnerable Channels contract was deployed on BNB Chain — one of 23 documented incidents on BNB Chain. This determines the block cadence, mempool, and forensic tooling available to investigators.
Impact & Recovery for Channels
Channels Loss Figure
The Channels exploit caused $4,400 in losses — a minor (<$1M) incident and the 148th largest of 214 documented in 2023.
Where Channels Sits Among Price Manipulation Attacks
Ranked by loss size, Channels is the 59th largest of 85 price manipulation incidents documented. That puts the Channels loss below the class average of $3.9M.
Timeline Since the Channels Incident
The Channels exploit occurred 2.3 years ago (835 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
Primary Reference for Channels
Public post-mortem / on-chain analysis for the Channels incident: view source.
FAQ
How much did Channels lose?
The Channels exploit in December 2023 resulted in $4,400 in losses — the 148th largest of 214 DeFi incidents that year.
When did the Channels hack happen?
The Channels exploit was recorded on December 31, 2023 — 835 days ago.
What type of exploit hit Channels?
The Channels incident is classified as a Price Manipulation. The attacker drives the on-chain price of a token up or down within a single transaction to extract value from the protocol.
Which blockchain was Channels deployed on?
The Channels contract was deployed on BNB Chain, one of 23 documented incidents on that chain.
How does Channels compare to the largest Price Manipulation attack?
The largest price manipulation incident in our archive is CreamFinance (2021) at $130M. The Channels loss is $4.4K.
What is the primary objective of the research?
To explore the impact of board gender diversity and foreign institutional investors on CSR engagement in Chinese listed companies.
How do ICOs contribute to the cryptocurrency market?
ICOs contribute by allowing entrepreneurial teams to raise capital through the issuance of digital tokens.