BurgerSwap lost $ 7M in sudden credit attack

BurgerSwap visited Twitter today to announce that it was hacked. As a result, BurgerSwap suspended the production of Swap and BURGER in order to avoid further losses while their team investigated the situation and looked for a solution. The team also announced that they will release more details soon. This is another example of the increased attacks against a key DeFi protocol on the Binance smart chain. A total of $ 7.2 million was stolen from BurgerSwap in 14 transactions. Understanding Flash Loan Attacks Flash Loan attacks are some of the most common DeFi attacks and are easy to perform and dodge. Unfortunately, flash credit attacks are growing in popularity and proving to be a huge headache for DeFi protocols. In a flash credit attack, the attacker takes flash credit from any credit protocol and uses it in a way that manipulates the market in favor of the attacker. Sudden credit attacks can occur within seconds and include multiple DeFi protocols. Attack on BurgerSwap Total – 4.4 thousand WBNB (1.6 million dollars) – 22 thousand BUSD (22 thousand dollars) – 2.5 ETH (6.8 thousand dollars) – 1.4 million dollars (1.4 million dollars) dollars) dollars) – 432 thousand BURGER ($ 3.2 million)) -142,000 xBURGER ($ 1 million) – 95,000 ROCKS were stolen from BurgerSwap. The attacker first polished 6,000 WBNB ($ 2 million) on PancakeSwap, then changed all WBNBs to 92,000 BURGER at BurgerSwap. The attacker then made a pair with fake chips at BurgerSwap and added 100 fake chips and 45k BURGER. The 100 fake tokens were then converted to 4.4k WBNB. The attacker then increased from 45k BURGER to 4.4k WBNB, giving the attacker a total of 8.8k WBNB. 493 WBNB then went to 108.7k BURGER. The attacker can re-enter, allowing the abuse to emerge. The attacker also made a second trade before the reserves were updated. As of this writing, the funds are still being sold and brought back to Ethereum via the neural bridge. BURGER and xBURGER have a total of $ 1.7 million left on the Binance smart channel.

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