GANA Payment, a small payment token project operating on the BNB Smart Chain (BSC), was exploited for over $3.1 million on Wednesday, as reported by blockchain investigator ZachXBT. This exploit caused a catastrophic drop in GANA Payment’s token market value; according to GeckoTerminal data, the token price plunged by more than 90% following the incident.
This event once again highlights the security gaps in smaller-scale DeFi projects operating on the BSC platform and the sophisticated methods hackers employ to launder stolen funds in these exploits.
Attack Procedure and Fund Transfer
According to ZachXBT’s on-chain investigation, the attackers rapidly and skillfully moved the stolen funds in several stages.
Fund Consolidation and Conversion to BNB
The attackers first consolidated all the stolen crypto assets into a single BSC address (0x2e8…e5c38). The majority of the funds were then converted into BNB. Since the crypto assets were converted to BNB instead of being traded in various markets, tracing their movement became challenging early on.
Money Laundering via Tornado Cash
To obscure the trail of the stolen funds, the hackers resorted to the crypto mixer service known as Tornado Cash:
- On BSC: Approximately 1,140 BNB, valued at about $1.04 million, was immediately deposited into Tornado Cash on BSC.
- On Ethereum: The remaining assets were moved to the Ethereum platform via cross-chain bridging, and a further 346.8 ETH (valued at approximately $1.05 million) was deposited into Tornado Cash.
ZachXBT reported that an additional 346 ETH, valued at about $1.046 million, remains dormant in an Ethereum address.
Security Weaknesses and Lack of Audits
Analysis suggests that deficiencies in GANA Payment’s fundamental security structure were the main reason for the project’s rapid collapse.
Lack of Audit and Documentation
Although GANA Payment was a small BEP-20 token-based payment project, it had not released any formal security audits. Furthermore, detailed documentation about the project’s underlying technology was not publicly available. This posed a major risk to investors, as unaudited projects often contain easily exploitable contract vulnerabilities that favor hackers.
Hackers’ Target
Smaller DeFi projects, on one hand, hold large liquidity pools that attract high profits; on the other hand, they lack the extensive security infrastructure and monitoring systems found in larger projects. This imbalance makes projects like GANA a prime target for hackers.
The Ongoing Challenge of BNB Smart Chain
The GANA Payment exploit is not an isolated incident; it is part of a persistent pattern of security issues on the BNB Smart Chain.
- BNB Chain Losses: According to DefiLlama data, small projects based on BSC have collectively lost over $100 million in 2025. Liquidity pool drains, key compromise attacks, and contract vulnerabilities are common reasons for these losses.
- Routine Attack Pattern: The GANA exploit follows the same routine pattern frequently seen on BSC: rapidly draining funds, consolidating them into a central address, and then laundering the funds through cross-chain bridging and mixer services like Tornado Cash to break the trail. These repeated incidents highlight the urgent need for BNB Chain to tighten the security standards of projects within its ecosystem.
Investor Awareness and the Need for Security
The $3.1 million exploit of GANA Payment serves as a stark warning to those investing in the decentralized finance world. In the speculative pursuit of high returns, investors must not ignore the importance of scrutinizing a project’s fundamental security quality, its audit status, and public documentation.
This incident has rendered the GANA token practically worthless. It underscores that crypto firms, especially those operating on the BNB Smart Chain, must take serious responsibility for protecting investor funds, and that mandatory formal audits should be enforced on regulated chains.
