BurgerSwap, a DeFi Built On Binance Smart Chain Loses $7.2 Million to Exploit
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BurgerSwap, a decentralized finance (DeFi) protocol built on top of the Binance Smart Chain (BSC), has just suffered a flash loan attack.

The new development was announced via the official Twitter handle of BurgerSwap a couple of hours ago. According to the report, the automated market maker lost a total of $7.2 million in the process.

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In the announcement, BurgerSwap claimed to have discovered the major source of the problem and assured its users that their losses will be covered

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BurgerSwap stated:

BurgerSwap just experienced Flash Loan attack. We have suspended Swap and BURGER generation to avoid further loss. Our tech team is working on the issue and will publish the solution later. More details will be published soon. Thanks for your patience.

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

We have allocated the problem and will surely work hard to cover users’ loss. Please stay tuned for detailed announcement.

Read Also: CZ: Someone Just Mistakenly Sent $20,000 in BNB to A Smart Contract Address on Binance Smart Chain

The decentralized exchange has suspended trading, claiming that its technical team is working on the issue.

In a similar scenario, a BSC-based DeFi protocol, JulSwap, was also attacked, causing a 95% price crash. However, JustLiquidity CEO TG Crypto, claimed there was no exploit or hack in a tweet.

Series of Attacks on Binance Smart Chain (BSC)

Although Binance Smart Chain (BSC) has had massive growth due to its lower fees, a number of attacks recorded lately have not been good for its reputation.

Read Also: Freeliquid Funds Stablecoin Loans by Collateralizing Liquidity Pool Tokens; Trading Pairs Now Added on Swop.Fi and Waves 

Just a week ago, PancakeBunny lost $45 million, while others such as Spartan Protocol, bEarn Fi, Uranium Finance, also suffered a similar fate.

However, this exploit is not limited to BSC. Ethereum-based DeFi projects have also experienced one type of exploit to another.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.