According to a postmortem written by the BurgerSwap team, another Binance Smart Chain project has suddenly suffered a debt attack. The project’s official Twitter account said that at around 3 am on Friday, BurgerSwap suffered a flash loan attack, in which hackers stole $ 7.2 million in funds.
Binance Smart Chain DeFi Protocol BurgerSwap $7.2M . Ended for
- The BurgerSwap Project reported on Friday that the project ended up with $ 7.2 million in funding after the malicious flash loan attack.
- “On May 28 (UTC + 8), at about 3 pm, the BurgerSwap on the BSC series suffered a sudden debt attack; $ 7.2M stolen from BurgerSwap in 14 transactions, “official Twitter account Noted.
We are just asking for some time.
– BurgerSwap (@burger_swap) May 28, 2021
- BurgerSwap is a decentralized finance (DFI) project that leverages the Binance Smart Chain (BSC). Similar to Sushiswap or Uniswap, the Burgerswap protocol allows users to interchange between tokens issued on the BSC. Users can also add liquidity and earn the project’s original token dubbed burgers.
- “Hackers created their own counterfeit coin (non-standard BEP-20 token) and created a new trading pair with Berger,” BurgerSwap said. “By adjusting the routing, [the] The attacker made the burger -> fake coin -> WBNB routing; Via Burger -> Fake Coin Trading Pair, the attacker re-entered BurgerSwap via Fake Coin and manipulated the numbers of reserve 0 and reserve 1 in the pair’s contract, which changed the price, “Team Forward Noted.
- BurgerSwap is not the first BSC project to deal with flash loan attacks, as hackers have made a game of it in recent times. Total was $ 6 million Stolen From the two BSC projects last week, as PancakeBoney and Bogd Finance saw $ 3 million have gone out of each Defy project.
- Flash loan In 2020 and 2021 there has been a problem for many defi protocols. Special exploitation has been a common attack in the Defy world since the Defi Margin trading protocol Bzx. attacked.
- Flash loans are smart contract-based schemes that allow loans to be issued within a single transaction or attack. In the BurgerSwap example, the hacker used WBNB, BUSD, ETH, USDT, Berger, Exburger, and Rocks.
- BergerSwap explained on Twitter that the blockchain security company Pakeshield Helped in the investigation.
- Burgerswrap also follows the recent BSC announcement of the Flash Lone Hack ciphertress. The blockchain monitoring firm has added analytics support for Binance smart chains to track illegal transactions.
What do you think about the recent Burger Swap hack and flash loan attacks against several Binance smart chain Defy projects? Tell us what you think about this topic in the comments section below.
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