• Home
  • News
  • AMA’s
  • Calendar
  • Tutorials
  • Videos
  • Advertising
  • Contact Us
  • Disclaimers
    • Careers
    • About BSCTimes
    • Privacy Policy
    • CCPA
    • DMCA
    • Terms of Use

Featured Articles

Press Releases

Win Prizes for Hockey Bets in a New 1xBit Tournament!

May 13, 2022By BSCTimes4 Mins Read
News

Dubai License Expands Binance MENA Presence

May 13, 2022By BSCTimes1 Min Read
Press Releases

TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas

May 11, 2022By BSCTimes2 Mins Read
News

Venus Finds its Way Back to the Top

May 10, 2022By BSCTimes2 Mins Read

Subscribe for Updates

Get the latest cryptocurrency news, information and updates.

Tuesday, May 17
Latest
  • Win Prizes for Hockey Bets in a New 1xBit Tournament!
  • Dubai License Expands Binance MENA Presence
  • TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas
  • Venus Finds its Way Back to the Top
  • BNB Chain Announces Opera’s Crypto Browser Integration, Giving Opera Users Access to Its dApp Ecosystem
  • Binance Receives Unregistered Trading Warning from Canada
  • PancakeSwap is First Project to Launch on Binance Mini-Program
  • A Good Week for Binance Regulations
  • ApeSwap Introduces Treasury Bills
  • Fortress Sees 100% Price Spike
Twitter YouTube Reddit RSS
BSC🔶Times BSC🔶Times
Switch to PolygonTimes
  • Home
  • News
  • AMA’s
  • Tutorials
  • Token Prices
  • Get In Touch
    • About BSCTimes
      • Contact Us
      • Careers
    • Advertising
      • Press Kit
    • Publisher Center
      • Cart
      • Checkout
    • Disclaimers
      • Cookie Policy
      • Privacy Policy
      • CCPA
      • DMCA
      • Terms of Use
BSC🔶Times BSC🔶Times
Home»News»Breaking News»What Happened to PancakeBunny? $250 to $6 in Minutes?
Breaking News

What Happened to PancakeBunny? $250 to $6 in Minutes?

BSCTimesBy BSCTimesMay 20, 20213 Mins Read
pcb
Share
Reddit Twitter Email Facebook

The BSC market just can’t seem to catch a break right now, suffering from it’s bloodiest week to date. Big name projects like $CAKE ($40 -> $17) and $BANANA($11 -> $2) are trading at a fraction of their ATH with BNB itself down from a high of $677 to it’s current $320.

To be completely fair, this reversal of market fortunes is not localized to just the BSC, but can be seen happening to just about every other project in the crypto space. Even the biggest players like $BTC and $ETH were no exception, with $ETH falling briefly to $1900 from a high of $4000.

PancakeBunny

The focus today however, is what happened to PancakeBunny. In a devastating turn of events, millions of $BUNNY tokens each trading at $250 at the time were minted in a second and quickly dumped on the market. For context, there were only 500k $BUNNY tokens in circulation before this exploit. According to the charts at BOG, the price plummeted to a low of $2,

Bogged Finance

though one eagle eyed Twitter user noticed that it briefly fell to just under $1, but was quickly scooped up by some quick handed buyers. At the time of writing, $BUNNY is back up to $25, already making these initial buyers are very handsome profit of 25x.

Twitter user showing $BUNNY under $1

The exploit

Twitter and PancakeBunny’s official telegram group were instantly flooded with messages, with plenty of investors demanding information and (understandably) worried about their funds held in PancakeBunny. Since then, some official information has been released, with PancakeSwap also stepping in to help clarify how this exploit occurred. It’s this tweet however, from a user going by the username FrankResearcher that explains it best, giving us the exact figures used in the exploit.

We now know that there were no security issues with the vaults in PancakeBunny, meaning that user funds were not compromised. The hacker exploited the minting condition for $BUNNY (3 $BUNNY minted for every 1 $BNB in fees) by borrowing a large sum of money from Pancakeswap with a flash loan. In simple terms, if you had started the day with 10 $BUNNY tokens, you still have those 10 $BUNNY tokens. The only problem is that the current low price of $BUNNY means that your 10 $BUNNY are now worth $250 instead of $2500.

Aftermath

It remains to be seen what PancakeBunny will do to salvage the situation. Official information from the team seem to be focused around damage control and assuring users that their underlying funds are safe. Rumors of rolling back the chain or creating a version 2 of $BUNNY are being whispered on social media sites, but we’ll just have to wait and see what happens.

To end on a slightly more optimistic note, there has been one positive to this entire fiasco. ApeRocket, a project that markets itself as being to Apeswap what PancakeBunny is to Pancakeswap, has delayed their launch. Presumably, this is to review their contracts to ensure that such a situation never occurs and news of this were well received by the community.

The DeFi space is still young, and mistakes will be made. While PancakeBunny is not blameless in the matter, what’s important is that we learn from said mistakes and continue to grow.

Join @BSCTimes on Telegram
crash featured Pancakebunny

Related Posts

Press Releases

Elo Inu to Introduce DeFi Ecosystem

December 3, 2021By BSCTimes
Read More
Press Releases

Santa Inu Expands By Adding A Staking Platform In Collaboration With Harmonized App

November 30, 2021By BSCTimes
Read More
Press Releases

Little Baby Doge’s Successful Launch Rebuilds Blockchain Charity and Then Some

November 30, 2021By BSCTimes
Read More

Comments are closed.

en English
af Afrikaanssq Shqipam አማርኛar العربيةhy Հայերենaz Azərbaycan dilibe Беларуская моваbn বাংলাbg Българскиca Catalàzh-CN 简体中文zh-TW 繁體中文hr Hrvatskics Čeština‎da Dansknl Nederlandsen Englisheo Esperantotl Filipinofi Suomifr Françaiska ქართულიde Deutschel Ελληνικάgu ગુજરાતીht Kreyol ayisyeniw עִבְרִיתhi हिन्दीhu Magyaris Íslenskaig Igboid Bahasa Indonesiaga Gaeligeit Italianoja 日本語kn ಕನ್ನಡko 한국어ku كوردی‎lo ພາສາລາວla Latinlv Latviešu valodalt Lietuvių kalbalb Lëtzebuergeschmk Македонски јазикms Bahasa Melayuml മലയാളംmr मराठीmn Монголmy ဗမာစာne नेपालीno Norsk bokmålps پښتوfa فارسیpl Polskipt Portuguêspa ਪੰਜਾਬੀro Românăru Русскийsm Samoansr Српски језикsd سنڌيsk Slovenčinasl Slovenščinaso Afsoomaalies Españolsu Basa Sundasw Kiswahilisv Svenskata தமிழ்te తెలుగుth ไทยtr Türkçeuk Українськаur اردوuz O‘zbekchavi Tiếng Việtcy Cymraegyi יידישyo Yorùbázu Zulu

Featured Articles

Press Releases

Win Prizes for Hockey Bets in a New 1xBit Tournament!

May 13, 2022By BSCTimes
News

Dubai License Expands Binance MENA Presence

May 13, 2022By BSCTimes
Press Releases

TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas

May 11, 2022By BSCTimes
News

Venus Finds its Way Back to the Top

May 10, 2022By BSCTimes
BSC🔶Times
  • Homepage
    • News
      • AMA’s
        • Tutorials
  • BSCT Twitter
    • BSCT YouTube
      • BSCT Telegram
        • BSCT Reddit
          • BSCT Google News
  • Advertising
    • Publisher Center
      • Checkout
        • Cart
  • Disclaimers
    • Privacy Policy
      • Cookie Policy
        • Terms of Use
  • About BSCTimes
    • Contact Us
      • Press Kit
Copyright © Crypto Times Network 2022. All Rights Reserved.
BSCTimes.com | PolygonTimes.com

Type above and press Enter to search. Press Esc to cancel.