More than $200 million was skimmed from PancakeBunny, the most recent native DeFi protocol on the Binance Smart Chain to succumb to a terrible hack.
PancakeBunny, a well-known decentralized finance platform powered by Binance Smart Chain, experienced a significant vulnerability that enabled a hacker to make off with more than $200 million worth of cryptocurrency.
The protocol was allegedly the target of a flash loan assault from an outside attacker, according to a series of discussions that the PancakeBunny team has posted in the last hour. Before altering the asset’s price and dumping it on the platform’s BUNNY/BNB market, the attacker borrowed a sizable amount of Binance Coin (BNB).
BUNNY’s price was quickly inflated during the attack from $150 to $240 before falling to $0 in under 30 minutes. BUNNY last traded for $8.8 after settling below $10 for about two hours.
The hacker depleted the BUNNY/BNB pool, stealing 697,000 BUNNY and 114,000 BNB. The hacker is thought to have made off with $200 million worth of assets, with Binance Coin going for about $296 at the time of writing.
Along with the transactions that empty the pool, the attacker also added a personal remark with a pun on rabbits. PancakeSwap was used to remit all borrowed money used to carry out the attack.
Considering that the Bunny project had a total value locked of more than $1 billion previous to the attack, which disrupted one of Binance Smart Chain‘s top projects, observers are questioning if Binance will take action to reverse the incident.
After a significant hack in May 2019 cost Binance more than $40 million, CEO Changpeng Zhao proposed that the losses may be recovered by getting together with miners to undo previous transactions on the Bitcoin network.
The decentralized finance industry has been increasingly plagued by the exploit, which most recently targeted the PancakeBunny DeFi protocol.
Flash loans had become the most common attack vector in the DeFi ecosystem, according to research from the cryptocurrency data aggregator Messari in April. These loans accounted for approximately half of the $285 million in DeFi exploits discovered since 2019.