Pancake Bunny Lost $200 M as a Result of Flash Loan Attack

Today, May 20 Binance Smart Chain-based DeFi aggregator PanCake Bunny was attacked and lost $200 M in crypto. The hacker used a flash loan.

Related: Cross Chain Yield Aggregator bEarn Suffers $11 M from Attack

After the exploit, the price of the BUNNY token fell significantly, by about 96%.

PanCake Bunny's team announced the criminal's steps through several tweets. First, the hacker borrowed a large amount of Binance Coins (BNB) using the platform. Next, he or she manipulated the price of USDT/BNB as BUNNY/BNB and got a large sum in BUNNY tokens via that flash loan.

Afterwards, the attacker dumped all the units in the market, which resulted in the decline of BUNNY's price.

The hack was completed with the return of the BNB via PancakeSwap.

1⃣ The hacker used PancakeSwap to borrow a huge amount of BNB

2⃣ The hacker then went on to manipuate the price of USDT/BNB as well as BUNNY/BNB

3⃣ The hacker ended up getting a huge amount of BUNNY through this flash loan

— pancakebunny.finance (@PancakeBunnyFin) May 20, 2021

Pancake Bunny was launched in December 2020. It allows users to earn income through yield farming using the DeFi exchange PancakeSwap.