Cryptocurrency News

BurgerSwap of Binance Smart Chain Withdraws $ 7.2M in Exploitation

Another decentralized finance protocol was subject to a major exploitation on Friday, May 28, after the Binance smart chain pulled out $ 7.2 million from BurgerSwap (Berger).

Different amounts of seven different cryptocurrencies were stolen during the attack, including a $ 3.2 million Burger Token, a $ 1.6 million Wrapped BNB (WBNB) and a $ 1.4 million Tether (USDT). The funds were also being sold at the time of publication.

BurgerSwap was launched in late 2020, which was considered a clone of the Uniswap decentralized exchange. However, a postmortem in the deed revealed that the omission of an important line of code separated Uniswap from BurgerSwap, and was probably the point of attack for the incident on Friday. The revelation inspired some social media observers to imagine That the BurgerSwap developers themselves were behind the attack.

The BurgerSwap team announced that it was “working on the issue” and had suspended the generation of any more tokens on Friday morning to prevent more damage. The team Tweeted:

“BurgerSwap just experienced [a] Flash loan attack We have suspended the swap and burger generation to avoid further losses. Our technical team is working on this issue and will publish the solution later. More details will be published soon. thank you for your patience.”

Later this month, the number of hacks on the Binance Smart Chain exceeded $ 200 million exited PancakeBunny (Bunny) on 20 May, and 3 million dollars stolen On 24 May from Bogd Finance (BOG).

Recent blockchain security and analysis firm CipherTrace Announced It will expand its services to include Binance Smart Chain in response to the sudden exploits.