Hackers withdrew cryptoassets from the DeFi BurgerSwap protocol on $7.2 million – Bits Media

Another Major DeFi Protocol Powered by Binance Smart Chain Has Been Hacked. Hackers took BurgerSwap out of about $7.2 million by attack using fast credits.

According to a statement from BurgerSwap developers on Twitter, the protocol was attacked using fast loans - a fairly popular method among hackers to extract cryptoassets from DeFi protocols. In a statement, the BurgerSwap developers claim, that they will try to reimburse users for all losses, which at the moment amounted to about $7.2. million.

Fast loans allow anyone, who has even a small amount of assets, access large amounts in a short period of time. In this way, attackers can manipulate token prices in the project storage, distorting data, oracle-provided platforms, and also on DEX, where he gets this data from.

Then, attackers can quickly buy sharply cheaper tokens and soon after that pay off a quick loan.. The danger of these attacks is in their simplicity and in the fact, that they do not require special technical knowledge. The BurgerSwap team claims, what is "working to solve the problem". JulSwap, another DeFi protocol on BSC, it seems, underwent a similar attack, however, the CEO of JustLiquidity stated, that the protocol has not been cracked.

Binance Smart Chain, launched last September, grew sharply due to low commissions, but a number of recent incidents with DeFi protocols have cast a shadow over the network. PancakeBunny's DeFi Protocol Hacked With Instant Loans In May, as a result of which the attackers brought crypto assets to $200 million. Spartan Protocol, bEarn Fi, Uranium Finance and several other projects at BSC met the same fate.

Binance recently announced, that is not responsible for the hacks and vulnerabilities of the DeFi protocols on the Binance Smart Chain blockchain, and cannot carry out "kickbacks" and return the stolen money.