follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: Binance Smart Chain's PancakeBunny protocol exploited, $45 million drained  (Read 575 times)

Offline Fariwala

  • Sr. Member
  • *
  • *
  • Activity: 367
  • points:
    4362
  • Karma: 4
  • BITGAME - Blockchain Betting Platform
  • Trade Count: (0)
  • Referrals: 1
  • Last Active: July 04, 2022, 03:46:26 AM
    • View Profile

  • Total Badges: 21
    Badges: (View All)
    10 Posts First Post Fifth year Anniversary
PancakeBunny Finance, a decentralized finance (DeFi) protocol based on the Binance Smart Chain, was exploited late Wednesday and saw $45 million drained from its ecosystem.

The attacker used an exploit to mint millions of bunny tokens and sold the majority of them for BNB, leaving liquidity providers short. While this didn't affect the protocol's vaults directly, it sank the price of bunny tokens, affecting all holders.

Here's how the attack happened
The exploitation occured because PancakeBunny had a bug regarding how the protocol calculates the number of new bunny tokens to be minted, according to The Block Research's Igor Igamberdiev. Bunny (BUNNY) is the native governance token of the protocol.

The calculation function for minting new tokens depended on the price of the BNB-USDT pool. If the ratio of the BNB or USDT reserves of this pool were higher, the pool’s price would fall — and vice versa. In other words, the price of this pool could be manipulated based on the reserves of BNB and USDT.

The exploiter took advantage of this bug by using flash loans. They took eight flash loans, seven from PancakeSwap pools and one from ForTube Bank, a DeFi lending protocol. The attacker borrowed 2.3 million BNB (worth $704 million) and 2.9 million USDT ($2.9 million), for a total of nearly $707 million.

These flash loans were then used to manipulate the price of BNB in the BNB-USDT pool. The attacker used a small portion of BNB and USDT from the flash loans to provide liquidity to that pool.


More info: https://www.theblockcrypto.com/post/105473/bsc-pancakebunny-defi-protocol-exploited-lost-45-million-bunny
                  ▄▄▄▄▄▄ ████▄██▄ █████████
████████ ████████ ███████▄██ █████▄ ███████
██████████████   ████████ ▀▀ ███████▄███████
████████████████████████         ████ █        ▄▄▄▄ ▄▄    ▄▄▄▄
██████████████████████████         █████         █████   █████▄▄█████████▄█████▄▄▄██████▄
█████████████████████ ██████▄     ██████       ████████   ▄█████████ █████████████████████
▐█████████████████████▄ ██████     ███████      █████▀   ███████████ █████████ ████████████
▐███████████████████████           ███████      ▀██████   ███████████ █████████  █████████▀▀
▐██████████████████████▄          ███████     █▄ ███████  █████████████████    ████████▄
 ████████████████████████▄         ███████     ███▄██████  ██████████ ██████████ ▄▄██████▄
 █████████████████████████         ███████     ████▀▀▀████ ███ ███████████████████████████
 ██
███████████████████████         ███████     ████   ████ ███  █████████████████████████▀
 █████████ ▀▀▀▀▀▀▀ ▀▀▀▀▀▀           ▀▀▀▀▀▀▀     ▀▀▀▀   ▀▀▀▀ ▀▀▀    ▀▀▀ ▀▀▀    ▀▀▀▀▀  ██████▀▀▀
[  PvE Mode  ]   [  PvP Mode  ]   [ Team Battle ]
|   TWITTER   |  TELEGRAM  |   DISCORD   |

Altcoins Talks - Cryptocurrency Forum


For Monthly biddings Check Here


 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod