Pancake Bunny hackers capitalized on the ongoing market downtrend and bought 2,922 Ethers using a decentralized protocol. The market blood-bath that seemingly occurred due to a huge Bitcoin sell-off in the last month has set the ETH’s current price at 24,43, representing over a 10% decrease in a day and 26% in the last week.
Hackers Swapped $DAI Stablecoin Into 2,922 ETH
On August 5, Pecksheild, a blockchain research firm, detected that the address involved in the Pancake Bunny hack swapped $7.8 million for 2,922 Ethereum. Hackers used the $DAI stablecoin in the transactions that were stolen in a flash loan attack in 2021. In July, the address, labeled as Pancake Bunny’s exploiters, became active and transferred $3 million worth of Ethers via privacy protocol, Tornado Cash.
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#PeckShieldAlert Our community contributor has detected that the #PancakeBunny exploiter-labeled address aped into $ETH when the market dropped.
The exploiter swapped 7.8M $DAI for 2.922K $ETH.
On May 19, 2021, PancakeBunny’s Bunny Protocol fell victim to a flash loan attack,… pic.twitter.com/wACNvYk0Rn— PeckShieldAlert (@PeckShieldAlert) August 5, 2024
Another report from Certik Alert reveals that hackers deposited 1,002 ETH into Tornando Cash on July 8, 2024. Exploiters used the typical loot scheme to utilize robbed funds and transferred them to multiple addresses. Tornado Cash, a crypto mixer and privacy tool, allows deposits from a single address but withdraws from multiple addresses, which restricts the process of tracing money on the blockchain network. At that time, the blockchain research firm revealed that the exploiter’s address still holds 11.4 million worth $DAI, the same token used in the current swap.
A Look At Pancake Bunny Hack in 2021
In May 2021, Pancakebunny, a decentralized protocol built on Binance Smart Chain (BSC), suffered a flash loan attack that drained almost $200 million worth of assets from the platform. In the hack, exploiters borrowed a huge amount of digital assets from the protocol’s vault.
Cybercriminals siphoned 697,000 BUNNY and 114,000 BNB tokens from this attack. Fortunately, Protocol recovered over 75% of the funds, but $45 million worth of assets got stuck in the Explorer’s wallet. The recent activity of buying ETH from this address underscores the challenge for security experts and regulatory firms to claim to recover lost funds.
On the other site, purchasing ETH at an average price of around $2660 reflects hackers’ stronger belief in ETH as its price would grow back soon. Currently, the ETH price is floating above $2250. The total trading volume of ETH stands at $59.1 billion, which is 275% higher than yesterday’s volume, as per the data provided by CoinMarketCap.
Crypto Attacks Drained Millions in Recent Months
As the digital assets industry grows, threats of scams and exploits also increase. July alone witnessed losses of $266 million from 16 different hacks and exploits in the major crypto firms. WazirX, India’s largest crypto exchange, becomes the ultimate victim, losing $230 million in digital assets. Other major companies, including Compound Finance, Bittsensor, LiFI, and Rho market, also lost millions in hacks.
Even the infamous Terra Blockchain underwent a security attack, resulting in a loss of $6 million in various tokens. In June alone, the crypto companies suffered losses of $176 million from 20 different breaches. Increasing cyber-attacks on crypto platforms highlight the need for a robust infrastructure for the crypto industry. Technological advancements aim to ensure a transparent and secure digital environment that fosters trust among crypto users across the globe.
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