Due to two unique Binance Smart Chain decentralized financial (defi) projects, two back-to-back fast loan attacks appeared in a short period of time. According to reports, last Wednesday, Pancakebunny, an agricultural production platform that relies on agriculture, lost nearly $3 million in a micro-loan attack. On the following Sunday, Bogged Finance saw that a $3 million in funding came from a small loan attack.
Pancakebunny was hit by a quick loan attack – lost $3 million
Since hackers used fast loans to attack the defi margin trading protocol Bzx, fast loans have been a common attack in the defi world. Emergency loans are a scheme that allows loans to be issued in a single transaction or attack. In addition to ordinary people using fast loan construction for fun, malicious actors also discovered attack parameters in order to spend money from the defi project.
In the past five days, in the past week, there have been two micro-loan attacks, and the sum of the two projects is about 6 million US dollars. On May 19, defi project Pancakebunny used its Twitter account Announce news.
The account tweeted: “Watch out for rabbits.” “Our project has suffered a rapid loan attack from external developers. We will post an in-depth analysis after the fact, but for the time being, we want to update the community on how this happened.” The official Twitter account added.
in a Field by field review, Pancakebunny said: “The hacker borrowed a large amount of BNB using Pancakeswap… and then continued [manipulate] The price of USDT/BNB and BUNNY/BNB. The hacker finally obtained a large amount of rabbit funds through this small loan. Then, the hacker threw all the rabbits on the market, causing the price of rabbits to plummet. The hacker repaid BNB through Pancakeswap. “
Estimates indicate that approximately $3 million in tokens were lost from the Pancakebunny quick loan attack. After the announcement of the exploit, the BUNNY token market suffered huge losses.
Troubled financial hackers drew $3 million from the project’s $6 million in liquidity through a “complex quick loan attack”
Then this weekend, another Binance Smart Chain defi project called Bogged Finance also received a small loan at a high price of US$3 million. The post-mortem report of the Defi project Bogged Finance stated: “The BOG token was used by an unknown attacker who was able to use a sophisticated Flash-Loan-based attack to consume $3 million of the $6 million in liquidity. The attack is in its Alleviated within 15 blocks, thus starting to prevent the full depletion of the liquidity pool.”
Bogged Finance said it plans to force the migration of contracts by using the same vulnerability that attackers used to remove “illegally obtained tokens.” The team member of the project added: “Everyone will receive a new contract of LP tokens and $BOG in the next few hours.” The update on May 24th shows the migration time of the project It’s longer than expected.
“The Bogged Finance token migration took longer than expected,” Bogged Finance explained. “The funds will be safely stored in this wallet until the redeployment is complete. We are pleased to launch a new version of the BOG contract, in which more than 7.5 million tokens have been burned. Before the release, we will announce the countdown to the restart.”
After these small loan attacks, both BUNNY and BOG markets suffered severe losses. After the disclosure of the quick loan attack, BOG fell from $1.80 per token to $0.0003. After the microfinance attack on Wednesday, the BUNNY market lost 95%.
What do you think of the two recent fast loan attacks using the Binance Smart Chain defi project? Let us know your thoughts on this topic in the comments section below.
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