Hacker used Pancake Swap
The hacker used decentralized exchange PancakeSwap to borrow a large amount of Binance Coin (BNB). He then managed to manipulate the price of Tether (USDT) to BNB, and BNB to BUNNY. As a result, he received a massive amount of BUNNY. The coins were dumped through these flash loans and caused the BUNNY price to crash from around $146 to a dismal $6.17.In a tweet, Pancake Bunny stated that there has been misinformation in the media about the incident and that no vaults had been compromised. According to the company, this was an economic exploit that attacked the price of BUNNY.
Pancake Bunny is not alone
Pancake Bunny is not the only DeFi project that has been attacked by hackers. The DeFi yield farming platform bEarn Fi fell victim to an exploit in its smart contract on Sunday. The user managed to drain $10.85 million worth of Binance USD (BUSD) stablecoins from one of its vaults.In response, the developers of bEarn promised a refund and additional compensation for all users affected by the exploit. The team behind the protocol said they would also create a compensation fund with the remaining saved funds.
Other Binance Smart Chain DeFi projects were also targeted not long ago. Evidently, Uranium Finance, Spartan Protocol and Meerkat Finance were also hacked. This raises questions for Binance Smart Chain investors about whether their funds are secure.
Hackers are seeing opportunities in DeFi
The DeFi market is one of the most explosive trends in the crypto industry. In fact, with the current rapid rate of new projects entering the space, and the growing amount of assets being locked away in decentralized finance, hackers are seeing opportunities to exploit these projects and get their hands on huge amounts of cash. Realistically, it seems inevitable that more of these attacks will happen in the future.Continue reading by joining Cryptonary Pro
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