Bitcoin News and Finance
BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack Skip to main content

BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds.

Binance Smart Chain Defi Protocol Burgerswap Drained for $7.2M

  • The Burgerswap project explained on Friday that the project saw $7.2 million in funds drained after a malicious flash loan attack.
  • “At around 3 am on May 28th (UTC+8) Burgerswap on the BSC chain encountered a flash loan attack; $7.2M was stolen from Burgerswap in 14 transactions,” the official Twitter account noted.

  • Burgerswap is a decentralized finance (defi) project that leverages the Binance Smart Chain (BSC). Similar to Sushiswap or Uniswap, the Burgerswap protocol allows users to swap between tokens issued on BSC. Users can also add liquidity and earn the project’s native token dubbed BURGER.
  • “Hackers created their own Fake Coin (non-standard BEP-20 tokens) and formed a new trading pair with BURGER,” Burgerswap added. “By adjusting the routing, [the] attacker created BURGER -> Fake Coin -> WBNB routing; through BURGER -> Fake Coin trading pair, attacker re-entered Burgerswap through Fake Coin & manipulated number of reserve0 and reserve1 in the pair’s contract, causing the price to change,” the team further noted.
  • Burgerswap is not the first BSC project that’s having issues with flash loan attacks, as hackers have seemingly made a sport of it in recent times. A total of $6 million was stolen from two BSC projects last week, as Pancakebunny and Bogged Finance saw $3 million drained from each defi project.
  • Flash loans have been a problem for a number of defi protocols in 2020 and into 2021. The specialized exploit has been a common attack in the defi world ever since the defi margin trading protocol Bzx was attacked.
  • Flash loans are smart contract-based schemes that allow the issuance of loans within a single transaction or attack. In the Burgerswap instance, the hacker got away with WBNB, BUSD, ETH, USDT, BURGER, XBURGER, and ROCKS.
  • Burgerswap explained on Twitter that the blockchain security company Peckshield helped with the investigation.
  • The Burgerswap flash loan hack also follows the recent BSC announcement from Ciphertrace. The blockchain surveillance firm has added analytics support for the Binance Smart Chain to track illicit transactions.

What do you think about the recent Burgerswap hack and the flash loan attacks against multiple Binance Smart Chain defi projects? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory