PancakeBunny Hit With Another Flash Loan Exploit, This Time on Polygon

The BunnyFarm has seen better days following the latest attack. The community is not depleted and is prepared to learn from its mistakes.

By
Dardania Havolli
on
July 19, 2021
Category:
Blockchain News

Panic Hits the Bunny Farm

Panic ensued at PancakeBunny Finance after external actors attempted to exploit PolyBunny. External efforts saw the minting of 2.1 million PolyBunny and a predictable drop in price followed.

The attacker had initially begun by borrowing a huge number of tokens. They then deposited various amounts in different pools in the hope of garnering high interest.

A manipulation of the oracle saw a huge increase to the aforementioned interest and resulted in the extortionate amount of PolyBunny minted. This is a prime example of the recent flash loan exploits that have taken advantage of unsecured oracles. This is the second occurrence for the PancakeBunny project.

The attack occurred on July 16 and the team reassured the Bunny Farm with their immediate assessments. It appeared that the Bunny team responded quickly but not without big losses to many users.

Source


What Now?

There has been an appropriate response from all sides. The initial panic will subside. The PancakeBunny team retains the trust of a great many followers as can be evidenced in the response on social media. But users have much to worry about following the recent attacks to the platform. 

Source


The Response

The Bunny team has already earned back some trust from its followers and its response in reaction to this setback underlines why. 

All vaults on Polygon.PancakeBunny have been rendered safe. The vulnerability that allowed for this mishap has been addressed and the Sushi Vaults, where the issue occurred, has been reopened. 

All BSC PancakeBunny vaults have been rendered safe, with BSC Bunny in no way affected.

But, perhaps what will be even more reassuring to interested onlookers is that Team Bunny will be compensating all holders of PolyBunny via their own MND shares (MND: the fixed-volume utility token associated with the Mound Vault.). Surely an act that underlines a genuine care for their respective community.

A detailed overview of what occurred and how you can find out if you are eligible for the compensation that will be awarded can be found here. 


Has Community Trust Been Damaged?

It appears that, largely, the Bunny Team still holds the confidence of their followers. We understand that this is in no small part due to the quick and effective response by the team. The PancakBunny team has committed to a new launch protocol in light of the attacks, according to recent tweets.

Nevertheless here at BSC.News we strive to be the bridge between the project and the follower, and having contacted the team at PolyBunny we await an official and exclusive statement. This is not the first event but second flash loan exploit that PancakeBunny has experienced.

 

About PancakeBunny

PancakeBunny is a decentralized cross-chain yield aggregator and one of the largest projects in decentralized finance in total volume locked. The platform uses various strategies and rewards to enable investors to optimize their yields.

The Bunny Farm reaps great rewards for its community and has powered through several attacks to remain a leading platform. For more about PancakeBunny, follow their official media channels:

Website | Twitter | Telegram

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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