Binance Smart Chain
Flash loan attack
Days in Operation:
100 pts each
PancakeBunny, the DeFi revenue aggregator on Binance Smart Chain (BSC), suffered a lightning loan attack and lost 114,631.5421 WBNB and 697,245.5699 BUNNY, totaling approximately US$45 million. The price of the token BUNNY crashed from 240 US USD at around 6:35, and once fell below 2 US USD, with the highest drop of more than 99% at one time. First, the hacker borrowed more than $700 million in Binance Coin (BNB) from seven PancakeBunny lending pools, as well as almost $3 million in Tether (USDT) from another source. They used this to manipulate the price of BNB using a bug in PancakeBunny’s BNB-USDT liquidity pool, which allowed them to mint almost seven million BUNNY in a complex, six-stage process (which Bunny Finance details here). This was dumped for about 2.4 million BNB — which caused the price of BUNNY to crater. After repaying the flash loans, the hacker was left with 114,631 BNB worth about $45 million.
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