HomeBlockchainBinance Smart Chain’s BurgerSwap drained of $7.2M in exploit

Binance Smart Chain’s BurgerSwap drained of $7.2M in exploit

-

[ad_1]

Another decentralized finance protocol was subject to a major exploit on Friday after $7.2 million was drained from BurgerSwap on Binance Smart Chain.

Varying amounts of seven different cryptocurrencies were stolen amid the attack, including $3.2 million worth of BURGER tokens, $1.6 million worth of Wrapped BNB (WBNB) and $1.4 million worth of Tether (USDT). The funds were still being sold off at the time of publication.

BurgerSwap launched in late 2020 as what was thought to be a clone of the Uniswap decentralized exchange. However, a post-mortem into the exploit revealed that the omission of a crucial line of code differentiated Uniswap from BurgerSwap and was likely the point of attack for what took place on Friday. This revelation led some social media observers to speculate that BurgerSwap developers were behind the attack themselves.

The BurgerSwap team announced that it was “working on the issue” and that it had suspended the generation of any more tokens to prevent more losses on Friday morning. The team tweeted:

“BurgerSwap just experienced [a] Flash Loan attack. We have suspended Swap and BURGER generation to avoid further loss. Our tech team is working on the issue and will publish the solution later. More details will be published soon. Thanks for your patience.”

Hacks on Binance Smart Chain have become more numerous this month, after $200 million was drained from PancakeBunny on May 20 and $3 million was stolen from Bogged Finance on Monday.

Blockchain security and analytics firm CipherTrace recently announced it would expand its services to include Binance Smart Chain in response to the sudden spate of exploits.

[ad_2]

Source link

LATEST POSTS

Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular

spot_img