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PancakeBunny Finance faced a flash loan attack wherein 690,000 BUNNY tokens were sold into ETH and BNB. This caused the token to lose a staggering 95.5% in its overall valuation. However, Pancakebunny insisted on Twitter that their vaults are all secure.
The company tweeted:
“Attention Bunny Fam
We would like to remind the community that no vaults have been compromised.
The exploit was an economic exploit that attacked the price of BUNNY, using flash loans. We repeat, no vaults have been breached.”
BUNNY tokens worth >$1 billion were minted on BSC, which resulted in >$40 million stolen.
First Venus and Now PancakeYesterday news came out that Venus Protocol’s XVS token was targeted and manipulated, leading to more than $200 million in DeFi liquidations and $100 million in bad debt. The PancakeBunny hack comes at a really bad time for the crypto market as everyone is still quite shaken up by the recent crash. As per PancakeBunny, the hack happened at 10:34 UTC. The company is presently researching the attack and working on a reimbursement plan. They have temporarily frozen withdrawals and deposits until they increase security.
So, What Exactly Happened?Igor Igamberdiev researched the entire attack process and shared his insights on Twitter. This is how the attacker hunted down PancakeBunny:
PancakeBunny tweeted out to their users the following plan of action:
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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