Another protocol based on the Blockchain Binance suffered a security breach.
The decentralized trading platform “BurgerSwap” suffered a $ 7 million theft after it was hit by a quick loan attack.
Stealing $ 7.2 million from “BurgerSwap”:
Launched earlier this year, BurgerSwap is a DeFi decentralized financing project that allows users to trade blockchain-based digital currencies and earn cash-saving bonuses.
Earlier in the day, the protocol administration admitted on Twitter that it had been subjected to a hacking and theft.
The hack took place early Friday, May 28, as hackers chose a notorious and popular way to exploit the decentralized financing protocols of the Quick Loan Attack.
These hackers managed to drain $ 7.2 million from the “BurgerSwap” platform through 14 transactions.
The hackers created their own fake currency and formed a new trading pair with the digital currency “BURGER”, which was the original cryptocurrency of “BurgerSwap”.
Then the pirates modified the directive, converted and wrapped it as follows:
BURGER -> Fake Coin -> BNB.
They used the BURGER / Fake Coin trading pair to re-enter the “BurgerSwap” with the fake currency and tampered with the number of Reserve 0 and Reserve 1 in the contract, causing a significant price change.
By re-entering the transaction again and trading again in the encapsulated currency “WBNB” the hackers were able to obtain the additional amount that was entered from WBNB.
As such, they exchanged 6,000 WBNB ($ 2 million) from “PancakeSwap” and then nearly all of WBNB into 92,000 BURGER coin 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 “BurgerSwap” decentralized finance project has suspended all its services as of this morning, and will definitely work to cover the loss of users.
Not the first time:
The rapid growth of BSC Blockchain Binance since its inception has attracted the attention of bad actors, and the number of protocols attacked using the network has increased dramatically in recent months.
The attack on “Spartan” earlier in May resulted in the loss of more than $ 30 million in user funds.
These are just a few examples, from the range of piracy operations to fraud and the removal of the carpet that the decentralized finance arena is teeming with.