Binance Smart Chain Projects Suffer From Flash Loan Attacks
Two other projects on Binance Smart Chain (BSC) suffered incidents in the form of further flash-loan attacks and this time it's Burger Swap (BURGER) and JulSwap (JULD). These incidents have been happening more often lately.
BurgerSwap and Julswap seem to have been hit by a flash loan attack
"BurgerSwap just experienced a Flash Loan attack," the project's website said at 7:17 UTC today. The attackers created their own "Fake Coin" and formed a trading pair with the protocol's native token BURGER, eventually changing the latter's price, BurgerSwap said in a series of tweets.The exploit resulted in the theft of approximately $7.2 million in altcoins, including $3.2 million in BURGER, $1.6 million in Wrapped Binance Coin (WBNB) and $1.4 million in Tether.
Previously, JustLiquidity (JUL)'s JulSwap also appears to have been hit with a flash loan attack. CEO Tobias Graf said that "there is NO hack or exploit." No further information is provided for now.
Both Autoshark and Merlin labs were also targeted with a flash loan attack.
On May 24, the Peckshield "PaiShield" alert showed that Defi protocol AutoShark Finance was hit by a flash loan attack. Affected by the attack, Shark's price plummeted. The drop briefly reached 99 percent.The "Exploiter" used 100,000 BNB for the attack, and about 2,500 BNB was exploited. Which is 822,800 dollar. 100,000,000 SHARK tokens were minted and used to drain all the liquidity in the LP pool. This was possible because the market cap was small (only at around $2,000,000).
On 26 May 2021, 03:59:05 AM +UTC, less than 48 hours after the Autoshark hack. Merlin Lab, (another fork of Pancake Bunny), was attacked similarly to the Bunny and Autoshark hack. As a result, the hacker was able to remove ~240 ETH (~680K USD).
These attacks will continue until a solution is found
With Pancake Bunny suffering from a similar attack not so long ago, the attacks attracted media attention. The method that was used on Pancake Bunny wasn't a lucky shot and continued to be used against many other projects. As long as the projects on the Binance Smart Chain don't solve these issues, it's likely that there will be more similar attacks in the future.What is a flash loan attack?
Flash loan attacks are a type of DeFi attack in which a hacker takes a flash loan (a form of uncollateralized lending) from a lending protocol and uses it in conjunction with various types of gimmickry to manipulate the market in its favor. Such attacks can occur in a matter of seconds and still involve four or more DeFi protocols. Flash loan attacks are the most common types of DeFi attacks since they are the cheapest to execute and the easiest to get away with.Continue reading by joining Cryptonary Pro
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