DeFi Project 'BurgerSwap' Suffers Flash Loan Attack - $7.2 Mln Lost.

DeFi Project 'BurgerSwap' Suffers Flash Loan Attack - $7.2 Mln Lost.

2021-05-28 | Eddy Morgan

DeFi Project 'BurgerSwap' Suffers Flash Loan Attack - $7.2 Mln Lost.

Renowned DeFi protocol BurgerSwap suffered a flash loan attack that saw hackers amass around $7.2 Mln of altcoins. BurgerSwap is among the latest DeFi protocol on the Binance Smart Chain [BSC] to experience an attack of this nature. The attackers created their own "Fake Coin" and formed a trading pair with the protocol's native token BURGER, ultimately changing the latter's price, BurgerSwap outlined within an official series of tweets. The exploit led to the theft of some $7.2 Mln in altcoins, including $3.2 Mln in BURGER, $1.6 Mln in Wrapped Binance Coin [WBNB], and $1.4 Mln in Tether [USDT]. BURGER is presently trading at $6.75 USD, a drop of 27% from its 24-hour high of $9.24  USD, consistent with CoinMarketCap data. Recent exploits of DeFi projects built on BSC include an attack for $11 Mln on auto yield farming protocol bEarn Fi and one on yield-farming aggregator PancakeBunny which are worth as much as $3 Mln. The frequency with which these are occurring on BSC is causing alarm within the developer community.
"BSC is a public permissionless infrastructure so anybody can deploy projects there,” Samy Karim, Binance coordinator of business and ecosystem development, revealed at Consensus 2021. “You have malicious actors there and hacks, and exploits in DeFi aren't new and definitely not unique to the Binance Chain.”

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