Hacker crashes PancakeBunny token price

The price of the PancakeBunny token of the DeFi protocol operating on the Binance Smart Chain fell by more than 80% due to the attack. An unknown actor used flash loans to carry it out.

Attention Bunny Fam

Our project has suffered a flash loan attack from an outside exploiter.

We will be posting a post mortem, in depth analysis, but for the time being we would like to update the community as to how this happened.

— pancakebunny.finance (@PancakeBunnyFin) May 20, 2021

According to the developers, the hacker borrowed a ‘huge amount’ of Binance Coin (BNB) on PancakeSwap. He used the funds to manipulate prices in the USDT/BNB and BUNNY/BNB pairs.

During the attack, the PancakeBunny token price rose from $150 to $240, then collapsed to near-zero. At the time of writing, the coin was trading around $26. According to CoinGecko, in the last 24 hours BUNNY has fallen by 81.8%.

Representatives said user funds were not affected. The exact amount of losses was not disclosed.

Bunny Fam,

No vaults have been compromised.
The exploit was an economic exploit that attacked the price of BUNNY.

We repeat, no vaults have been breached.

— pancakebunny.finance (@PancakeBunnyFin) May 20, 2021

The Block researcher Igor Igamberdiev noted that the attacker obtained ‘more than $40 million’ — 114,000 WBNB and 697,000 BUNNY.

1/6

Today, BUNNY tokens worth $1B+ were minted from Bunny Finance on BSC, resulting in $40M+ was stolen:

— 114k WBNB ($40M)
— 697k BUNNY

For this reason, the BUNNY price fell from $146 to $6👇 pic.twitter.com/BBVfWOHgZH

— Igor Igamberdiev (@FrankResearcher) May 20, 2021

Earlier, an unknown withdrew from the pools of the DeFi protocol bEarn Fi around $11 million.

In May, a project in the decentralised finance space, xToken, lost $25 million due to an attack. The hacker took a flash loan of 61 800 ETH, and then deployed two exploits.

In 2021, hackers stole from DeFi protocols a record $156 million, according to a CipherTrace report.