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Flash Loan Attack Drain 2 Binance Smart Chain Defy Projects for $ 6 Million – News Bitcoin News

The two unique Binance Smart Chain decentralized finance (DFI) projects have led to two back-to-back flash loan attacks in a short span of time. According to reports, last Wednesday, the yield-farming platform PancakeBoney suffered a loss of nearly $ 3 million in a flash loan attack. The following Sunday, Bogged Finance saw $ 3 million worth of exploits from a flash loan attack.

PancakeBoney gets hit by a flash loan attack – $ 3 million drain

Since hackers Leveraged flash loan To Attack Bzx, the Defy Margin trading protocol, has been a common attack in the Flash Lone Defy world. Flash loan is a type of scheme that allows a loan to be issued within a single transaction or attack. In addition to the average people taking advantage of flash loan creation for entertainment, malicious actors have found the parameters of the attack to withdraw funds from Defy projects.

This past week, in the span of five days, there were two flash loan strikes, with a total of about $ 6 million from both projects. On May 19, Defy Project PancakeBoney took advantage of its Twitter account announcement of News.

“Note the Bunny family,” the account tweeted. “Our project has suffered a sudden debt attack from an outside exploiter. We will post a postmortem, in-depth analysis, but at the moment, we would like to update the community how it happened, ”the official Twitter account added.

In Play-by-play recap, PancakeBoney stated that “hackers used pancakescape to borrow huge amounts” Bnb… Gone Again [manipulate] Value of USDT/Bnb Made withBnb. The hacker got a large amount of bunny through this flash loan … The hacker then threw all the bunny into the market, causing the bunny price to fall. Hacker paid back Bnb Through pancakes. “

an estimate Nearly $ 3 million tokens were withdrawn from the PancakeBunny flash loan attack. Bunny Token Market A lot of damage After the declaration of exploitation.

Fake finance hacker withdraws $ 3 million in liquidity of the project’s $ 6 million using a ‘complex flash loan attack’

Then later this week another Binance smart chain Defy project called Bogd Finance also took a flash loan for $ 3 million. Defy Project Bogged Finance’s Post mortem Says: “The BOG token was exploited by an unknown attacker who was able to extract $ 3m of $ 6m of liquidity using a complex flash-loan based attack. To prevent complete withdrawal of the liquidity pool of the attack. The attack was reduced to within 15 blocks. “

Bogd Finance said it planned to transfer the contract using the same exploit used to remove “illegally obtained tokens”. Members of the project’s team said: “Everyone will receive their LP tokens and $ BOG on a new contract in the coming hours.” An update on May 24 says that the project’s migration is taking longer than expected.

“Bogd Finance Token Migration is taking longer than expected,” Bogd Finance explains. “Money is being held safely” In this wallet, Until the redistribution is complete. We are excited to launch a new version of the BoG contract with more than 7.5 million tokens Burn. We will announce a countdown to the relaunch prior to launch. “

Both bunny and Bog market There was considerable damage after these flash loan attacks. BoG fell from $ 1.80 per token to $ 0.0003 after a sudden debt attack was revealed. Markets built after a sudden debt attack on Wednesday saw a 95% drop.

What do you think about the two recent flash loan attacks that took advantage of the Binance Smart Chain Defy project? Tell us what you think about this topic in the comments section below.

Tag in this story

Binance Smart Chain, Bnb, BOG, BOG Contract, Stuck finance, BSc, Made, Decentralized finance, Defy, Dry, Flash loan, Flash loan attack, Hacked, Hackers, Take advantage, Liquidity pool, LP Token, Pancake, Pancakescape, Token market, USDT / BNB, Produce farming

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.