BurgerSwap, a protocol on BSC, suffered a flash loan attack, $7.2 million in damage

BurgerSwap, a popular decentralized finance (DeFi) protocol powered by Binance Smart Chain, was crippled by a flash loan attack.

The automated market maker suffered a loss of about $7.2 million.

In its announcement, BurgerSwap stated that it will try to cover all user losses:

“The current total loss is around $7 million and we will try to cover all your losses.”

This DEX has stated that their team is “working on this”.

JulSwap, another BSC-based DeFi protocol, appears to have experienced a similar attack, causing a 95% price crash. JustLiquidity CEO TG Crypto stated there were no hacks or exploits in a tweet.

An attack wave

Binance Smart Chain has enjoyed explosive growth thanks to cheap fees, but a series of recent incidents have damaged the credibility of BSC.

Last week, PancakeBunny was stripped of $45 million. The Spartan protocol, bEarn Fi, Uranium Finance, and several others also suffered the same fate.

Ethereum-based DeFi projects have also seen their reasonable mining rates. According to news sources, DeFi hackers made $240 million in just four months in 2021.

According to U.today
Virtual Currency Corner

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