Hackers withdrew cryptoassets from the DeFi PancakeBunny protocol on $200 million – Bits Media

PancakeBunny Decentralized Funding Protocol on Binance Smart Chain Hacked with Instant Loans. Hackers withdrew cryptoassets to $200 million.

PancakeBunny team told, how the attack was carried out. At first, the hacker took a huge loan in BNB through the PancakeSwap site and used these funds to, to manipulate the price in USDT / BNB and BUNNY / BNB pairs. He then bought a significant amount of BUNNY tokens and dumped them on the market., which led to the collapse of the token price on 96%. After that, he repaid the loan to BNB.

Before the attack, the BUNNY token was traded at $150, however, during the attack, its price jumped to $240, and then collapsed to $10. After that, it dropped to $6.5, but subsequently recovered slightly and now BUNNY is trading at $30. In this way, token lost 80% its price.

Hackers took BUNNY / BNB out of the pool 114 000 BNB coins and 697 000 токенов BUNNY. The cybercriminals' total profits exceeded $200 million at the time of the attack. Hackers even left a small "joke" in the transaction, which was used to attack, wrote "ArentFlashloansEaritating".

Recall, that a few days ago an attack was made on another protocol of decentralized financing on the Binance Smart Chain blockchain. Hackers withdrew from the bEarn Fi farming protocol tokens for $11 million.