A Fast Loan hit PancakeHunny, and its value dropped by 50%

Key takeaways:

  • As per blockchain data, PeckShield issued a warning that PancakeHunny, the DeFi protocol on BSC, has been attacked by instant loans. 
  • HUNNY’s price was reduced by up to 50% in a short time.
A Fast Loan hit PancakeHunny, and its value dropped by 50%

Since the beginning of May 2021, Binance Smart Chain (BSC), an Ethereum competitor for DeFi protocols, has been subjected to significant flash loan attempts. BurgerSwap, a DeFi protocol, is the latest target. BurgerSwap had a flash loan attack on BSC at approximately 3 a.m. on Friday, May 28. The attackers scooped $7.2 million in losses in just 14 transactions, according to the platform.

PeckShield has issued a warning that PancakeHunny, the BSC DeFi protocol, has been targeted by quick loans, according to blockchain data. HUNNY’s price, in particular, dropped by up to 50% in a short period.

Over the last month, Binance Smart Chain has been a hotspot of attackers. Many hackers have taken advantage of DeFi protocols on BSC, with PancakeHunny being the most recent technique for self-targeting.

The compromised transactions included 513 transfers and 19 million gallons of gas, with the ALPACA token being used in a substantial proportion of them.

Alpaca Finance is a fair launch project with no pre-sale, no investor, and no pre-mine.

 PancakeHunny was also the victim of an attack not long ago.” On June 3, 2021, at 1:46 UTC. Hunny Minter Smart Contract has been mined using a smart contract. According to a preliminary report supplied by the project, the contract was “subsequently completed 91 times.”

Price manipulation was also evident in the HUNNY/BNB market, which fell from $0.31 to $0.16 due to price manipulation.

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Aadrika Sharma
I enjoy writing and try to learn new things every passing day!

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