Many hackers have been exploiting DeFi protocols on BSC, with PancakeHunny being the latest to find itself the target
Considered a rival to Ethereum for its affordable gas fees, Binance’s Binance Smart Chain emerges as a no-nonsense blockchain platform in 2021. However, it’s also one of the hotspots for attackers in the future. past month. It is estimated that from the end of April 2021 until now, there have been 11 hacks of the Binance Smart Chain (BSC). In it, PancakeHunny being the latest to find itself the target. PancakeHunny, for its part, was quick to acknowledge the incident.
Binance Smart Chain’s PancakeHunny latest to suffer smart contract exploit
PancakeHunny also quickly acknowledged the incident and issued the following preliminary report:
Dear DeFi Hunnies,
We have taken immediate action to protect our users from any further potential issues that could arise.
All Hives are unaffected. Funds are SAFU. The exploit only affects the Prices of Hunny/BNB.
Preliminary report:https://t.co/Zg2jnsh0Nv pic.twitter.com/9lw00o9Wke
— PancakeHunny ? (@PancakeHunny) June 3, 2021
The “PancakeHunny Preliminary Incident Report” stated:
“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. This is the sequence of events.”
Furthermore, the exploit goes like this:
- wBNB Swap CAKE from PancakeSwap
- Sent CAKE to HUNNY Minter Smart Contract
- Added CAKE-BNB Liquidity from PancakeSwap
- Deposited CAKE-BNB LP tokens to CAKE-BNB Hive
- Redeemed HUNNY Rewards
- Swap Cake Balance to HUNNY-BNB, increase CAKE Balance as per (2)
- Exploited and increased 2,281,142.448 HUNNY supply
Immediately after the crash, PancakeHunny has stopped the minting process. They then have taken immediate action to protect users from any further potential issues that could arise.
Until now, all Hives are unaffected. Funds are SAFU. The exploit only affected the price of HUNNY/BNB.
The project went on to reassure the community that:
“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.”
It is undeniable that BSC is a fertile ground for development projects. Projects already built on Ethereum or other chains also plan to migrate to BSC. Among them, Umbrella Network (UMB) is the latest project to migrate to Binance Smart Chain. Or even the most promising DeFi project EOS is moving to Binance Smart Chain.
The charm of BSC is indisputable. However, the more projects developed on BSC, the quality of the projects is not guaranteed. There are outstanding projects, clear roadmaps, cutting-edge products. But there are also projects that just copy-paste from another project, steal community money and then quickly run away.
A series of cases such as the TurtleDex project on Binance Smart Chain that ran away with 9,000 BNB or the DeFi Meerkat project on Binance Smart Chain was suspected of exit scam, dispersing $31 million.
Of course, this is not Binance’s fault for creating BSC. Where there are users and money, there will be scams. However, it is thought that if the BSC community does not have measures to control the quality of projects built on the chain, the image of BSC will greatly deteriorate.
Although BSC joined hands with CipherTrace, leading blockchain security, and analytics company shortly after the BurgerSwap attack, it seems that security remains a major concern for projects building on Binance Smart Chain.
Read more:
- In The Wake Of An Increasing Number Of Hacks And Attacks On Binance Smart Chain, The Community Is Calling For Action
- Binance Smart Chain DeFi Project Belt Finance Hacked For $ 6.2 Million To A Flash Loan Attack