PolyBunny Finance explains the latest hack and a $ 2.4 million compensation plan

Guardian Protocolc (crop farming) On the Polygon Network, PolyBunny Finance detailed the latest hack on DeFi and promised compensation to the victims. But it’s worth noting that this isn’t the first time this platform has been attacked.

PolyBunny Finance announced narrative Details of the DeFi attack that caused damage of up to $ 2.4 million on July 16. Although the attack is largely under the control of the platform but still causing significant losses, the report said.

The platform claims that the hacker mined $ 2.1 million POLYBUNNY, which dropped the token price from $ 10 to under $ 2 in a very short period of time.

PolyBunny is an interchangeable version of Polygon and Quickswap based on Binance Smart Chain (BSC) PancakeBunny. On May 20, PancakeBunny was used in a $ 200 million flash loan attack. The successive attacks caused the reputation of the cryptocurrency exchange to drop significantly.

The attack began after someone took Aave out on a quick loan. That person then uses the protocol’s Bunny Vaults and the SushiSwap smart contract to increase execution fees and profits, mine $ 2.1 million POLYBUNNY worth more than $ 2 million, and advantageously gain 1,281 ETH with this hack to earn. At the time of the incident, the total value of ETH was around $ 2.4 million.

After the incident, the log confirmed that all Polygon and BSC functions were secure. In addition, SushiSwap’s smart contracts are being expanded to include more security. In addition, PolyBunny Finance claims to compensate victims at the time of the attack. You will receive MND tokens as team compensation. MND is a fixed volume utility token associated with the Mound Vault.

“The PolyBunny team will distribute a total of 2.4 million MND as compensation to the POLYBUNNY owners. This amount corresponds to the amount that was mined by the attacker, ”says the report.

POLYBUNNY prices are significantly influenced by more than 80%

The token price crashed 82% at the time of mining. A fear-driven sell-off pushed the price from $ 10 to $ 1.78 in less than an hour. At the time of writing, the POLYBUNNY price had risen slightly to $ 2.73 but was unable to recover to previous levels.

POLYBUNNY price | Source: CoinGecko

In less than two weeks, POLYBUNNY is down 88% from its all-time high of $ 22.90 on July 7th. This will result in the entire locked value being displayed as zero on the control panel of the log.

The market could not avoid the massive dumping of DeFi tokens. Especially recently mined tokens that are suffering a lot.

Veronica

According to Beincrypto

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