May 20, 2021, | AtoZ Markets – PancakeBunny's decentralized financing protocol on the Binance Smart Chain (BSC) has been hacked with more than $200 million being drained from the platform.
PancakeBunny team described how the hack was carried out
First, the hacker took a huge loan from BNB through PancakeSwap and used these funds to manipulate the price of USDT/BNB and BUNNY/BNB pairs. He then bought a significant amount of BUNNY tokens and dumped them on the market, which caused the token price to collapse by 96%.
After that, he repaid the loan to BNB. Before the attack, the BUNNY token was trading at $150, but during the attack, its price jumped to $240, and then collapsed to $10. After that, it dropped to $6.5, but subsequently recovered slightly and now BUNNY is trading at $30.
Thus, the token has lost 80% of its value. Hackers withdrew 114,000 BNB coins and 697,000 BUNNY tokens from the BUNNY/BNB pool. The cybercriminals' total profits exceeded $200 million at the time of the hack attack.
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The hackers even left a small "joke" in the transaction that was used for the attack by writing "ArentFlashloansEaritating".
As a reminder, FinNexus was hacked for $7.6 million in the late hours of May 17. According to industry experts, the developers themselves could have been the cause of the incident, since someone gained access to the administrator key.
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