BSC-based Pancake Bunny (BUNNY) Tanks 90% Following Flash Loan Attack

By Bhushan Akolkar
Published May 20, 2021 Updated May 20, 2021
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BSC-based Pancake Bunny (BUNNY) Tanks 90% Following Flash Loan Attack

By Bhushan Akolkar
Published May 20, 2021 Updated May 20, 2021

In another news from the crypto market crash, Binance Smart Chain-based DeFi token Pancake Bunny (BUNNY) tanked 99% following a flash loan attack. A massive 700K BUNNY coins were liquidated and sold into BNB and ETH.

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The BUNNY price came all the way crashing down from $167 to $25 in flash seconds. However, some of the publications noted that $1 Billion worth of BUNNY Finance coins were minted and stolen from BSC. But Bunny finance Twitter handle confirms that this was purely an economic exploit and the vaults have been compromised. The announcement states:

“Today at 10:34 UTC, PancakeBunny was attacked with an economic exploit that crashed the price of BUNNY. None of the vaults have been compromised. Team Bunny is currently working on solutions and will provide a report as soon as possible.”

The BUNNY Finance developers are working to solve the issue with withdrawals. The platform announced that although the transactions cannot be reversed, the BUNNY team is working to reimburse the lost amount.

Developers working for Swift Withdrawals

The Bunny team has ensured that its developers are currently working for a swift withdrawal of the user funds. The developers expect the matter to be resolved in a few hours. Also, Bunny Finance is willing to forego the withdrawal fee. The message reads:

When users withdraw, they will not pay the 30% performance fee as we have disabled the minting function in order to enable a smooth withdrawal process. This means for the time being, users will simply get their deposits + pool profits, excluding any bunny. Please be aware that there are some articles with an inaccurate amount of losses. Please stay tuned for the updates”.

At press time, the BUNNY DeFi token is trading at a price of $31 with a market cap of $15.8 million. The flash loan attack caused BUNNY Finance to lose over $70 million in market cap in no time.
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
728 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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