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BurgerSwap Hit by Flash Loan Attack Netting Over $7M

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Decentralized finance (DeFi) protocol BurgerSwap suffered a flash loan attack that saw hackers make off with around $7.2 million of altcoins.

  • BurgerSwap is the latest decentralized finance (DeFi) protocol on the Binance Smart Chain (BSC) to experience an attack of this nature.

  • The attackers created their own “Fake Coin” and formed a trading pair with the protocol’s native token BURGER, ultimately changing the latter’s price, BurgerSwap said in a series of tweets.

  • The exploit led to the theft of some $7.2 million in altcoins, including $3.2 million in BURGER, $1.6 million in wrapped binance coin (WBNB) and $1.4 million in tether.

  • BURGER is currently trading at $6.75, a drop of 27% from its 24-hour high of $9.24, according to CoinMarketCap data.

  • Recent exploits of DeFi projects built on BSC include an attack for $11 million on auto yield farming protocol bEarn Fi and one on yield-farming aggregator PancakeBunny that may have been worth as much as $3 million.

  • The frequency with which these are occurring on BSC is causing alarm in the developer community.

  • “BSC is a public permissionless infrastructure so anybody can deploy projects there,” Samy Karim, Binance coordinator of business and ecosystem development, said at Consensus 2021. “You have malicious actors there and hacks, and exploits in DeFi are not new and definitely not unique to BSC.”

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