PancakeBunny, the decentralized finance protocol based on BINANCE Smart Chain, reported that a hacker stole $ 200 million worth of cryptocurrency. As a result, the protocol's altcoin project BUNNY faced an 80 percent drop at the time of writing.
PancakeBunny has been hacked!
According to a series of tweets posted by the PancakeBunny team in the morning today, the protocol was subjected to flash credit attack by an external actor. The attacker borrowed a large amount of BNB before changing the asset's price and throwing it into the platform's BUNNY / BNB market.
After the attack, the price of BUNNY rose from $ 150 to $ 240 before dropping to $ 0 in just 30 minutes. After consolidating under $ 10 for about two hours, BUNNY changed hands for $ 8.8. At the time of writing, it has rebounded to $ 29.06.
BUNNY / BNB was the only pool purged by the hacker, and the malicious actor escaped with 697,000 BUNNY and 114,000 BNB. The hacker is estimated to sell BNBs for an average of $ 296 each, and thus is believed to have $ 200 million in assets. All funds borrowed to carry out the attack were returned through Pancakeswap.
Altcoin manipulation
Hacker's PancakeSwap announced that it used large amounts of BNB before it started manipulating the price of BUNNY / BNB as well as USDT / BNB. The team didn't mention exactly how this price manipulation took place, but will later be revealed along with what happened in this attack. Flash loans have become the weapon of choice for attackers, as they allow large sums to be withdrawn, abused, and repaid within the same transaction.
Meanwhile, the Binance Coin (BNB) used in the attack fell to $ 300 after the attack. BNB, the fourth largest cryptocurrency by market cap, is trading at $ 371.30 at the time of writing. There are many attacks on Binance Smart Chain and DeFi in general. As it is known, 1.8 million dollars was stolen from the Lottery pool of PancakeSwap, and before that, Rari Capital was attacked.
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