DeFi project PancakeBunny token price collapses after attack

The price of the PancakeBunny DeFi protocol token running on the Binance Smart Chain has plummeted more than 80% due to the attack. For its implementation, an unknown person used instant loans.

According to the developers, the hacker borrowed “a huge amount” in Binance Coin (BNB) on PancakeSwap. He used funds to manipulate the price of USDT / BNB and BUNNY / BNB.

During the attack, the PancakeBunny token rate rose from $ 150 to $ 240, and then collapsed to zero. At the time of writing, the coin is trading at around $ 26. According to CoinGecko, BUNNY has lost 81.8% over the past 24 hours.

Data: Poocoin.

Project representatives emphasized that user funds were not affected. The developers did not name the exact amount of losses.

The Block researcher Igor Igamberdiev noted that the attacker received “more than $ 40 million” – 114,000 WBNB and 697,000 BUNNY.

A previously unknown person withdrew about $ 11 million from the pools of the DeFi protocol bEarn Fi.

In May, a project from the xToken decentralized finance sector lost $ 25 million due to a hacker attack. The hacker took an instant loan of 61,800 ETH and then used two exploits.

In 2021, hackers stole a record $ 156 million from DeFi protocols, according to a report by analyst firm CipherTrace.

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