Another flaw in a project built on the Binance Blockchain “BSC” cost users $7.2 million
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Answer Another flaw in a project built on the Binance Blockchain “BSC” cost users $7.2 million
Another protocol built on the Binance blockchain has suffered a security breach.
The decentralized trading platform BurgerSwap has suffered a $7 million heist after being hit by a quick loan attack.
$7.2 million stolen from BurgerSwap:
Launched earlier this year, BurgerSwap is a DeFi project that allows users to trade cryptocurrencies built on the Binance blockchain and earn rewards for providing liquidity.
Earlier today, the protocol administration admitted on Twitter that it had been exposed to a hack and theft.
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BurgerSwap Quick Loan Attack Details:
Around 3 a.m. on May 28 (UTC+8) # Swap Burger On the BSC chain it was under a quick loan attack; $7.2 million was stolen from him # Swap Burger in 14 deals;
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– Burger_swap May 28, 2021
The hack occurred early in the day Friday, May 28, as hackers chose the infamous and popular method to exploit the decentralized finance protocols of a fast loan attack.
These hackers managed to drain $7.2 million from BurgerSwap via 14 transactions.
The hackers created their own counterfeit currency and formed a new trading pair with BURGER, the original cryptocurrency of BurgerSwap.
Then the hackers modified the directive, transformed it, and wrapped it like this:
Burger -> counterfeit coin -> BNB.
They used the BURGER/Fake Coin trading pair to re-enter the “BurgerSwap” with the fake coin and manipulated the reserve 0 and reserve 1 count in the contract, causing a huge price change.
By re-entering the transaction again and trading again with the encapsulated currency “WBNB” the hacker was able to get the extra amount entered from WBNB.
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Using WBNB as an example to illustrate the details of the attacks:
(1) Replace Striker Flash with 6000 WBNB Dollars ($2 million) from PancakeSwap;
(2) Then swap almost everything WBNB Dollars to 92000 Dollar Burger on BurgerSwap; pic.twitter.com/48kN4opI3z
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– Burger_swap May 28, 2021
As such, they swapped 6,000 WBNBs ($2 million) from “PancakeSwap” and then almost all of the WBNBs to 92,000 BURGER coins on “BurgerSwap.”
Ultimately, the hackers stole 4,400 WBNB ($1.6 million), 22,000 BUSD, 2.5 Ethereum, 432,000 BURGER ($3.2 million), 142,000 xBURGER ($1 million), and 95,000 ROCKS.
The decentralized finance project BurgerSwap has suspended all its services as of this morning, and will surely work to cover the loss of users.
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Not the first time:
The rapid growth of the Binance BSC Blockchain since its inception has attracted the attention of bad actors, and the number of protocols that have been attacked using the network has increased exponentially in recent months.
In Bitcoin Arabs, we touched on many such attacks, including the “Spartan” protocol.
Quick loan attack on BSC’s blockchain and stealing $30 million from “Spartan Protocol” project
The Spartan attack occurred earlier in May and resulted in the loss of more than $30 million in users’ money.
These are just some of the examples from the hacking to scams and rug-pulling operations that litter the decentralized finance arena.
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