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.
Alex DovbnyaA 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin