A $200 million flash loan was exploited by a hacker who stole the funds and ran away, leaving PancakeBunny with nothing. The company is now looking for help from the public to rebuild its reputation.
The bunnyswap is a cryptocurrency that was exploited by hackers. This led to the loss of $200M in assets.
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- Pancakes from BSC Bunny is the victim of a flash loan scam.
- The value of BUNNY was lowered to zero as a result of the assault.
- A major assault on Binance resulted in a loss of more than $40 million.
PancakeBunny is the most popular decentralized finance (DeFi) protocol based on the Binance Smart Chain (BSC). It was hit by a significant security flaw, allowing hackers to steal more than $200 million in cryptocurrency. Attackers, on the other hand, converted its token into BNB and ETH and fled with them.
Pancake Bunny is a food-themed DeFi system that runs on the Binance Smart Chain. Its sophisticated yield optimization enables customers to earn more interest on their underlying crypto assets. The low transaction cost is the key difference in yield farming on Binance Smart Chain.
PancakeBunny recounts what happened during the assault. The attacker borrowed a large quantity of Binance coin ($BNB) before altering the price of the items and selling it on the BUNNY/BNB market. BUNNY’s price rose rapidly from $150 to $240 before plummeting to $0 in less than 30 minutes. BUNNY recently changed hands for $8.8 after dipping below $10 for almost two hours.
The attacker drained the pool by attaching a private message to the transactions with a rabbit-themed joke that says, “Aren’t Flash Loans Earitating.” The money borrowed to carry out the assault were repaid via Pancakeswap.
Binance lost more than $40 million in a major assault in May of this year; however, the losses may be recovered by meeting with miners to roll back transactions from the Bitcoin network. CZ, the CEO, recommended it.
Furthermore, since the BSC has grown in popularity as a platform for DeFi projects as an alternative to the Ethereum network, the number of assaults has increased as well.
The hack on Pancake Bunny is the most current in a series of recent attacks against decentralized finance (DeFi) protocols on Binance. Other similar assaults have robbed other enterprises of millions of dollars. The Spartan Protocol and Uranium Finance are two examples. Notably, bEarn Fi has lost $11 million due to a recent BSC DeFi Protocol attack.
Notably, PancakeBunny keeps the community up to date on the issue, attempting to minimize the loss as much as possible.
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The flash loan bsc is a cryptocurrency that was recently exploited. A lot of people invested in the currency and the price went up, but then it crashed.
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