{"id":254115,"date":"2021-05-20T05:12:01","date_gmt":"2021-05-20T02:12:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pancakebunny-tanks-96-following-200m-flash-loan-exploit\/"},"modified":"2021-05-20T05:12:01","modified_gmt":"2021-05-20T02:12:01","slug":"pancakebunny-tanks-96-following-200m-flash-loan-exploit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pancakebunny-tanks-96-following-200m-flash-loan-exploit\/","title":{"rendered":"#PancakeBunny tanks 96% following $200M flash loan exploit"},"content":{"rendered":"

“#PancakeBunny tanks 96% following $200M flash loan exploit<\/strong>”<\/p>\n

<\/p>\n

                PancakeBunny is the latest Binance Smart Chain-native DeFi protocol to suffer a vicious exploit, with more than $200 million being drained from the platform.\n                <p>Popular Binance Smart Chain-based decentralized finance protocol, PancakeBunny, has suffered a major exploit that allowed a hacker to make off with more than $200 million worth of crypto assets.\n<\/code><\/pre>\n
According to a series<\/a> of threads posted by the PancakeBunny team in the past hour, the protocol was subject to a flash loan attack from an external actor. The attacker borrowed \u201ca huge amount\u201d of Binance Coin ($BNB) before manipulating the asset\u2019s price and dumping it on the platform\u2019s BUNNY\/BNB market.<\/p>\n
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4\u20e3 The hacker then dumped all the bunny in the market, causing the bunny price to plummet<\/p>\n
5\u20e3The hacker paid back the bnb through pancakeswaphttps:\/\/t.co\/ph9OoLQQAD<\/a>https:\/\/t.co\/IWYfBHuijb<\/a><\/p>\n
— pancakebunny.finance (@PancakeBunnyFin) May 20, 2021<\/a><\/p><\/blockquote>\n
The attack saw the price of BUNNY quickly pumped from $150 to $240 before plummeting to $0 over just 30 minutes. After consolidating below $10 for roughly two hours, BUNNY last changed hands for $8.8.<\/p>\n
BUNNY\/BNB: Poocoin.app<\/a><\/figcaption><\/figure>\n
BUNNY\/BNB was the only pool to be drained by the hacker, with the malicious actor making off with 697,000 BUNNY and 114,000 $BNB. With Binance Coin trading for roughly $296 each at the time of writing, the hacker is believed to have made off with $200 million<\/a> in assets.<\/p>\n
The attacker also attached a private note containing a rabbit-theme<\/a>d pun to the transactions that drained the pool that reads: \u201cArentFlashloansEaritating.\u201d All funds borrowed to execute the attack were returned via Pancakeswap.<\/p>\n
As the hack wreaked havoc across one of Binance Smart Chain\u2019s leading projects \u2014 with Bunny representing a total value locked of more than $1 billion prior to the hack, onlookers are discussing<\/a> whether Binance will move to roll back the incident.<\/p>\n
In May 2019, Binance lost more than $40 million in a major attack, with chief executive CZ suggesting the losses could be reversed by convening with miners to roll-back transactions from the Bitcoin blockchain.<\/p>\n
PancakeBunny is the latest DeFi protocol to suffer a flash loan attack, with the exploit increasingly manifesting as a scourge on the decentralized finance sector.<\/p>\n
In April, crypto data aggregator, Messari, reported that flash loans had become the most popular attack vector in the DeFi ecosystem, accounting for roughly half of the $285 million worth of DeFi exploits identified since 2019. <\/p>\n