Last week, a hacker managed to hack Binance’s smart chain, Burgerswap, and steal the $7 million worth of DASH….
BurgerSwap hacked by miscreants for $7 million, and left in a sad state, where the attacker got away with all the funds. This is the most recent example of a security breach that has occurred in the DeFi space, and is also the largest loss to date on record.
I myself have a few Bitcoins and a couple of Burgerswap/Binance SmartChain DeFi tokens, which are both promising projects that I believe can go places. I didn’t think it would be any easier to get the tokens than to just buy them from an exchange. I have been surprised when I found out that the tokens are being stolen from the smart contracts.. Read more about binance smart chain projects and let us know what you think.
BurgerSwap, a decentralized financial platform (DeFi) based on the Binance Smart Chain (BSC) smart contract network, was today the victim of a so-called credit blitz that allowed an attacker to make off with about $7.2 million in tokens.
A new day, a new DeFi hacked
CitizenSwap flash loan attack details: About 3 a.m. on the 28th. May (UTC+8), #BurgerSwap in the BSC chain was the victim of a flash credit attack; $7.2 million was stolen from #BurgerSwap in 14 transactions, the project tweeted. 1/9 CitizenSwap provides details of the flash credit attack: About 3 a.m. on the 28th. May (UTC+8), #BurgerSwap on the BSC network was the victim of a flash credit attack; $7.2 million was stolen from #BurgerSwap in 14 transactions ; – BurgerSwap (@burger_swap) 28. May 2021 According to BurgerSwap, the hacker(s) created their own fake coin – which anyone can do on BSC – and used it to form an exchange pair with the platform’s BURGER token. By setting up a routing, the attacker created a $BURGER -> Fake Coin -> $WBNB routing; using the $BURGER -> Fake Coin exchange pair, the attacker entered BurgerSwap through Fake Coin and manipulated the reserve0 and reserve1 numbers in the pair’s contract, changing the price, the developers explain. The attacker then took a lightning loan of 6,000 Binance tokens (BNB) from PancakeSwap, another BSC-based DeFi platform, and exchanged the money for 92,000 BURGER chips. They then added 100 counterfeit chips and 45,000 BURGERs to the liquidity pool and used it to exchange the counterfeit chips for 4,400 BNB. 5/9 The WBNB example will be used to illustrate the details of the attacks: (1) Forward traded $6,000WBNB ($2M) for PancakeSwap; (2) Then traded almost all $WBNB for $92,000BURGER on BurgerSwap; pic.twitter.com/48kN4opI3z – BurgerSwap (@burger_swap) 28. May 2021 By re-entering the transfer time of the fake token, the attacker made another exchange from $45k $BURGER to $4.4k $WBNB. The hacker received a total of $8,800WBNB in the last two steps, the platform noted, adding that the hacker then redeemed $493WBNB for about $108,700 BURGER on CitizenSwap and paid off the flash loan.
Flash Boys
In total, the attacker managed to steal 4,400 BNB (worth about $1.6 million), 22,000 BUSD and 1.4 million USDT stablecoins, 2.5 Ethereum ($6,800), 432,000 BURGER ($3.2 million), and 142,000 xBURGER ($1 million) – totaling more than $7.2 million. As previously reported, a similar attack was recently launched against Pancake Bunny, another DeFi platform in the BSC ecosystem. After the exploit, the BUNNY project token collapsed and lost more than 90% of its price, and the hacker took about $45 million in tokens.
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