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Binance Smart Chain's BurgerSwap Suffers $7.2 Million Exploit

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Fri, 05/28/2021 - 04:17
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Alex Dovbnya
Yet another major Binance Smart Chain-based DeFi protocol has been drained of millions of dollars
Binance Smart Chain's BurgerSwap Suffers $7.2 Million Exploit
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BurgerSwap, a popular decentralized finance (DeFi) protocol powered by the Binance Smart Chain, has suffered a crippling flash loan attack.

The automated market maker has been drained of $7.2 million.     

In its announcement, BurgerSwap claims that it will strive to cover all of its users’ losses:     

The current total loss is around $7 million and we will strive to cover all your loss.

The DEX claims that its team is “working on the issue.”

JulSwap, another BSC-based DeFi protocol, appears to have experienced a similar attack, which caused a 95 percent price crash. JustLiquidity CEO TG Crypto claims there is no hack or exploit in a tweet.

Related
DeFi Project Orion Protocol Announces Expansion to Binance Smart Chain

A wave of attacks

BSC has had explosive growth because of its cheap fees, but a string of recent incidents has tarnished its reputation.

Last week, PancakeBunny was drained for $45 million. Spartan Protocol, bEarn Fi, Uranium Finance, and a few other protocols have also suffered the same fate.

Ethereum-based DeFi projects have also witnessed their fair share of exploits. As reported by U.Today, DeFi criminals raked in $240 million in only four months in 2021.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.