Hackers continue to hit it big as another BSC DeFi suffers smart contract exploit

PancakeHunny, a DeFi project deployed on Binance Smart Chain (BSC), has become the latest victim of a smart contract exploit.

Over the past month, several BSC-based decentralized applications have been hit by hackers, with the attackers carting away with millions of dollars. But unlike previous attacks, the attacker did not succeed at stealing any tokens, the PancakeHunny team disclosed in a preliminary report. According to report:

On 3rd June 2021, at 1:46 UTC. A smart contract was created to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times.

Although PancakeHunny claims that all “funds are SAFU,” Chinese reporter Colin Wu noted that at least 1.1 million was locked up, with some being sold to the market.

PancakeHunny on BSC was hacked. PancakeHunny's current lock-up amount is 1.1 million. This hacking technique is similar to the previous attack on PancakeBunny. A large number of tokens were issued in a short period of time and sold to the market. pic.twitter.com/MohDrM037g

— Wu Blockchain (@WuBlockchain) June 3, 2021

One thing is certain, and that is the fact that the exploit affected the price of HUNNY. The token plummeted from $0.23 to $0.11 within a short period. The project claims to have identified the problem and actively working to fix it.

We have identified the issue, and our devs are working on the FIX and a move forward plan. We will update shortly once we have the full plan.

As reported by BTC PEERS, a similar attack was executed against another BSC DeFi project, PancakeBunny. This is so far the largest attack, with the hacker walking away with an estimated $200 million.