Yield farming aggregator Pancake Bunny suffers a flash loan attack causing the worth of its token to crash by over 95%.
The hacker used PancakeSwap to borrow an enormous supply of Binance’s BNB token and manipulated its price against the Binance USD stablecoin and Bunny tokens, consistent with tweets by PancakeBunny, today on Thursday.
A large amount of Bunny acquired by the hacker was then dumped on the market, causing its price to plummet to $6.17 USD from around $146 USD, consistent with data from CoinGecko, equating to a crash of over 95%.
The total value drained by the attacker is unclear, though blockchain data suggests the attacker profited by on the brink of $3 Mln.
The attack is among the latest within a series of exploits on DeFi protocols operating on the Binance Smart Chain. Additionally, bEarn.Fi, a cross-chain farming protocol, suffered an exploit on 16th May, leading to the loss of more than $11 Mln.
Neither Binance nor CEO Changpeng “CZ” Zhao had commented on the exploit at the reporting time.