BSC token drops more than 99% in seconds after attack

Charlie Taylor

BSC's largest income aggregator, Pancake Bunny, had an exploited vulnerability. The price of its native token fell by 99% in seconds before recovering to its current rates.Pancake Bunny, Binance Smart Chain's largest income aggregating service, suffered an instant loan attack in which more than $ 44 million was stolen by an external hacker. Pancake Bunny's underlying native token, BUNNY, dropped from $ 150 to $ 1 in seconds.

A large platform brought to the ground

Pancake Bunny was stopped: all deposits and withdrawals were stopped while the developers completed an autopsy. The explorer borrowed a large amount of BNB from PancakeSwap and manipulated the LP ratio of USDT / BNB, as well as BUNNY / BNB, according to Bunny's developers. All BUNNY tokens generated were then discarded in the open market, breaking BUNNY by more than 99%. The PancakeSwap loan was then returned using the BNB resulting from the sale.

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The explorer took most of the BNB sold outside the chain to ETH, to avoid the minimal possibility of reversal, which is even smaller in ETH compared to the BSC given the scale of the hack and the comparative sizes of the chains. matter of Cryptopotato, the price was about $ 70 dollars.

And now?

In a post of the “advance plan” delivered by the team a few hours ago, it was clear that “no safe was compromised because the exploit dropped the price of BUNNY. The $ 1 billion worth of TVL was not stolen. ”The team also took steps to compensate holders for the difference between market capitalization at the time of exploration and the current retained amount, by issuing a new token called pBUNNY and delivering a“ Compensation pool ”. In the next 90 days, PancakyBunny will increase the number of BUNNY issues, disbursing 100% of the performance fees that have been accumulated until the moment of the bug's exploitation. At the end of that period, the original holders will be able to exchange pBUNNY for BUNNY at a discount compared to the market price. Explorations on the Binance Smart Chain seem to be happening more frequently these days. In early May of this year, there was an episode where the Spartan Protocol in which the attackers made more than $ 30 million dollars.

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