Key Takeaways
An attacker has targeted Bunny Finance using a flash loan to manipulate the price of BUNNY. After they sold the tokens, the price crashed 96%.
The team says it is working on a reimbursement plan for holders affected.
Incidents on Binance Smart Chain have multiplied in recent weeks, while users have expressed concern with the overall health of the network.
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An attacker used a flash loan to exploit the Binance Smart Chain yield aggregator Bunny Finance earlier this morning. They dumped BUNNY tokens on the market, causing prices to plummet by 96%.
Another Exploit on Binance Smart Chain
DeFi hacks on Binance Smart Chain rise as TVL and volumes increase While Binance Smart Chain expands its footprint, hacks on DeFi protocols housed on the network increase hand in hand. 38191 Total views Follow up
Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB).
In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well.
Spartan Protocol’s System Breached, Over $30 Million Drained from Project
Last Updated: 04 May 2021
Malicious attacks have swiftly replaced crypto scams as the new favorite way bad actors get their hands on other people’s cryptocurrencies.
In a year that has seen crypto getting more recognition, many protocols have been subject to hacks, and the latest is liquidity and synthetics asset provider Spartan Protocol.
Spartan Protocol Loses $30 Million
Binance Smart Chain hosted decentralized platform Spartan Protocol is the latest victim of a malicious attack that saw over $30 million worth of investors’ funds disappear into thin air.
The attack, which was noted by on-chain analysis and security startup PeckShield on Sunday, showed that the hackers could perpetuate the crime due to a flawed liquidity share calculation in the protocol. This anomaly served as the gateway through which the bad actors were able to drain assets from the pool.
Uranium Finance developer suspected of âleakingâ information leading to $50M exploit A member of Uranium Financeâs developer team said they suspect that the recent hack of the platform may have originated internally. Theyâve urged affected users not to contact any other members of the Uranium Finance team. 7065 Total views News
The $50 million exploit of Uranium Finance, a decentralized finance protocol on Binance Smart Chain, may have been an inside job, according to a member of the projectâs development team.Â
The theory was put forward in Uranium Financeâs Telegram channel by a user named âBaymax,â who appears to be listed as an administrator. In a pinned post, Baymax explained that the security flaw leading to the exploit happened just two hours before version 2 of the protocol was launched. The suspicious timing of the exploit narrows down the list of potential perpetrators significantly.