Another major DeFi protocol powered by the Binance Smart Chain has been hacked. Hackers withdrew about $ 7.2 million from the BurgerSwap protocol using a quick credit attack.
According to a statement from the BurgerSwap developers on Twitter, the protocol was attacked using fast credits – a fairly popular method among hackers to extract cryptoassets from DeFi protocols. In a statement, the developers of BurgerSwap claim that they will try to reimburse users for all losses, which so far amounted to about $ 7.2. mln.
Fast loans allow anyone with even a small amount of assets to access large amounts in a short period of time. Thus, attackers can manipulate the prices of tokens in the project storage, distorting the data provided by the platform oracle, as well as on the DEX, from where it receives this data.
Then, attackers can quickly buy sharply cheaper tokens and pay off a quick loan shortly thereafter. The danger of these attacks is in their simplicity and the fact that they do not require special technical knowledge. The BurgerSwap team claims to be “working on a solution to the problem.” JulSwap, another DeFi protocol on BSC, appears to have come under a similar attack, however, the CEO of JustLiquidity said the protocol had not been compromised.
The Binance Smart Chain, which launched last September, has risen sharply due to low fees, but a number of recent incidents with DeFi protocols have cast a shadow over the network. In May, PancakeBunny’s DeFi protocol was hacked with instant loans, which resulted in cybercriminals withdrawing $ 200 million worth of crypto assets. Spartan Protocol, bEarn Fi, Uranium Finance and several other projects at BSC suffered the same fate.
Recently, Binance announced that it is not responsible for the hacks and vulnerabilities of the DeFi protocols on the Binance Smart Chain blockchain, and cannot carry out “kickbacks” and return the stolen money.
