A virtual currency lost 96% of its value because it was hacked to steal $200 million

Tram Ho

PancakeBunny is a decentralized exchange (DeFi), allowing investors to exchange virtual currencies with each other without intermediaries. The feature of DeFi exchange is flexible transaction fees, high interest rates, which can be exchanged for tokens that have not been officially listed, from which can x2 x3 accounts when that virtual currency goes on the floor.

Một đồng tiền ảo mất 96% giá trị vì bị tấn công chiếm đoạt 200 triệu USD - Ảnh 1.

However, DeFi exchanges are often a prey for hackers, which can lead to a complete and irreversible collapse of the floor. Recently, PancakeBunny (Bunny) was asked by hackers and took away a large amount of Bunny coins before manipulating the price and releasing it on the market.

Một đồng tiền ảo mất 96% giá trị vì bị tấn công chiếm đoạt 200 triệu USD - Ảnh 2.

The price of Bunny coin once dropped to 0 USD because of being hacked.

At that time, a large amount of Binance Coin was bought in the Bunny/BNB pair, causing the value of Bunny coin to drop by 96% from more than 240 USD to 150 USD and even to 0 USD in almost 30 minutes.

The Bunny/BNB pair was taken, including 697,000 Bunny coins and 114,000 BNB coins estimated to be worth nearly $200 million at the time of withdrawal.

The development team then quickly regained control and emphasized that the investor’s deposits worth more than 1 billion USD are still safe. The Bunny had a strong recovery time of 100 USD before falling to 30 USD at the present time.

Một đồng tiền ảo mất 96% giá trị vì bị tấn công chiếm đoạt 200 triệu USD - Ảnh 3.
The Bunny development team said it still keeps 1 billion USD of investors’ deposits safe.

The fact that virtual currencies become the target of hackers’ attacks is not a new thing. The usual solution is to update the new version (hard fork) to split the stolen money into a new, illiquid, worthless coin.

Bunny was attacked in the middle of a time when the virtual currency market was suffering from many soft attacks, causing the market to evaporate hundreds of billions of dollars. Currently, the market is showing signs of recovery with Bitcoin reaching a value of $42,000 and a market capitalization of $1.8 trillion.

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Source : Genk