Fri, December 1

PancakeBunny Suffered a Lot Following $200M Flash Loan Exploit

PancakeBunny Suffered a Lot Following $200M Flash Loan Exploit Market News
  • BSC PancakeBunny suffers a flash loan exploit.
  • Due to the attack BUNNY value reduced to Zero
  • Binance loss greater than $40 million in a significant attack.

PancakeBunny, the most popular Binance Smart Chain (BSC)-based decentralized finance (DeFi) protocol. It has suffered a major exploit that allowed hackers to make off with more than $200 million crypto belongings. However, attackers converting its token into BNB and ETH and make off with them.

The food-themed DeFi protocol running on the Binance Smart Chain is Pancake Bunny. It allows users to earn higher interest on their underlying crypto assets through its advanced yield optimization. The main difference in yield farming on Binance Smart Chain is the low transaction fee

PancakeBunny explains how the attack took place. A huge amount of Binance coin ($BNB) borrowed by the attacker before manipulating the belongings price and dumping it on the  BUNNY/BNB market. The price of BUNNY quickly raised from $150 to $240 before tumbles to $0 over just 30 minutes. After blending below $10 for roughly two hours, BUNNY last changed hands for $8.8.

The attacker attached the private note containing a rabbit-themed pun to the transactions, draining the pool that reads: “Aren’t Flash Loans Earitating.” Through Pancakeswap, the funds borrowed to execute the attack returned

In May 2019, Binance lost greater than $40 million in a significant attack, the losses might be reversed by convening with miners to roll back transactions from the Bitcoin blockchain. Suggested by chief executive CZ.

Moreover, with the ever-increasing popularity of the BSC as an alternative to the Ethereum network as a platform for DeFi projects, the number of attacks has also been on the rise.

Henceforth, among a string of recent attacks on decentralized finance (DeFi) protocols on Binance, the exploit on Pancake Bunny is the most recent. Other similar attacks have cleaned out millions of dollars from other projects. Such as the Spartan Protocol, and Uranium Finance. Notably, bEarn Fi loses $11 million in a latest exploit of BSC DeFi Protocol

Notably, PancakeBunny is regularly updating the community regarding the situation, trying to control the loss as well as they can.

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