August 5, 2021

Newspay

Bitcoin & Ethereum Blockchain News

Binance Smart Chain's BurgerSwap Suffers $7.2 Million Exploit

BurgerSwap, a popular decentralized finance (DeFi) protocol powered by the Binance Smart Chain, has suffered a crippling flash loan attack.

Source: u.today

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 has suspended trading, claiming 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.

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.