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Binance Smart Chain's BurgerSwap Suffers $7.2 Million Exploit

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Fri, 28/05/2021 - 4:17
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:     

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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.

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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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