Today has turned out to be difficult for holders of tokens of the PancakeBunny. The hacker used eight loans in the equivalent of BUNNY and BNB on the PancakeSwap exchange, after which he handled the price in the BUNNY/BNB and USDT/BNB currency pairs.
At the time of the hacker's attack, the token rate of the PancakeBunny project powered by Binance Smart Chain plummeted from $167 to $0.95. The token traded at this level for about 20 minutes, after which it rose to $1-$2 for 5 minutes, and then traded at $3-$4 for about an hour. Only a few hours after the start of the attack, the token continued to rise to values above $20.
For his price manipulation, the hacker managed to arrange 7 instant loans from PancakeSwap pools and 1 more from ForTube, which led to problems in the protocol when receiving prices from PancakeBunny from liquidity providers.
The total "revenue" of the hacker was more than $45 million. He managed to withdraw half of this amount in the afternoon in the equivalent of 10,100 ETH tokens (about $23.5 million), and the remaining funds were then stored on his Ethereum wallet. As a mockery, the hacker finally left a message to the developers and users of the exchange, writing: “ArentFlashloansEaritating”.
The PancakeBunny team itself hastened to reassure users, saying that despite the deplorable situation around the token, their funds were not affected. They promised to solve the situation with the code in a day, and then within 90 days pay 100% of the losses of users during the attack on the protocol. The developers intend to do this by issuing a new coin pBUNNY and forming a compensation pool.
They plan to resume depositing and withdrawing funds on May 21st at 06:30 UTC, and the withdrawal fee will be reduced to 0.5%.