Pancake Bunny Crashes as BSC Suffers One More Exploit
DeFi token on the Binance Smart Chain (BSC), Pancake Bunny (BUNNY) has crashed 99% lower in the aftermath of a flash loan attack that saw a huge liquidation of 700k tokens as well as 114k BNB tokens. In mere seconds, the price of BUNNY fell from $167 to $25 almost instantly, but it has since recovered slightly to trade at around $34 at the time of writing, per data on CoinMarketCap.
The crash came after leading news publications reported that attackers successfully stole $1 billion worth of BUNNY tokens from the BSC, although the official Twitter handle of its developers confirmed that it was an economic exploit that triggered the crash. The team stated that the attack has not compromised any vaults even as they are looking into resolving the issue with withdrawals at the earliest.
The BSC-based Pancake Bunny DeFi token lost more than $200 million due to the flash loan attack, that saw attackers converting its tokens into BNB and ETH and making off with them. 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 have also been on the rise.
The exploit on Pancake Bunny is the most recent among a string of recent attacks on DeFi protocols on Binance’s very own blockchain network. Other similar attacks have wiped out millions of dollars from other projects such as the Spartan Protocol, bEarn Fi and Uranium Finance.
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