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

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May 20, 2021 12:33 pm

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.

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.

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by

Bhushan Akolkar

May 20, 2021 12:33 pm