PancakeBunny’s decentralized financing protocol on the Binance Smart Chain has been hacked with instant loans. Hackers withdrew $ 200 million worth of crypto assets.
The PancakeBunny team described how the attack was carried out. First, the hacker took a huge loan from BNB through PancakeSwap and used these funds to manipulate the price of USDT / BNB and BUNNY / BNB pairs. He then bought a significant amount of BUNNY tokens and dumped them on the market, which caused the token price to collapse by 96%. After that, he repaid the loan to BNB.
Before the attack, the BUNNY token was trading at $ 150, but during the attack, its price jumped to $ 240, and then collapsed to $ 10. After that, it dropped to $ 6.5, but subsequently recovered slightly and now BUNNY is trading at $ 30. Thus, the token has lost 80% of its value.
Hackers withdrew 114,000 BNB coins and 697,000 BUNNY tokens from the BUNNY / BNB pool. The cybercriminals’ total profits exceeded $ 200 million at the time of the attack. The hackers even left a small “joke” in the transaction that was used for the attack by writing “ArentFlashloansEaritating”.
Recall that a few days ago, an attack was made on another decentralized finance protocol on the Binance Smart Chain blockchain. Hackers withdrew $ 11 million worth of tokens from the bEarn Fi farming protocol.
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