The flash loan attack caused PolyBunny to lose 1,281 ETH. Attack affected, the token prices to fell $2 from $10 before the digital incursion. The team assured compensation to the token holders.
PolyBunny, the polygon-based yield farming protocol has explained the exploitation in the field of decentralized finance and guaranteed compensation to the victim
On July 16, a post mortem was published on the latest Defi attack, which resulted in a loss of around 2.4 million. In a July 20 blog post, the exploitation under the radar is mainly for low-liquidity farming platforms.
According to Polybunny, the attack caused 2.1 million of the Polybunny token, and also the token prices fell to $2 from $10 before the digital incursion. On May 20, PancakeBunny was used in a massive $200 million flash loan attack.
Hackers Wiped out $2.4 million from the attack
The Attack was started since the malicious person received a flash loan on Aave. They used Bunny Vault and Sushi swap smart contract, to exploit and increase the performance fee and profits.
The attacker’s successfully minted more than 2 million worth of PolyBunny tokens ($2.1 million PolyBunny token). According to postmortem, the flash loan was repaid and the attacker ended up with 1,281 ETH, worth around $2.4 million at that time. All of its Polygon and BSC vaults were safe.
“Team Bunny will distribute a total of $2.4M in MND tokens as total compensation to PolyBunny holders. This amount corresponds to the amount that was exploited by the attacker”
PolyBunny crashed 82% from the time it got exploited and 88% down from the all-time high of $22.90 on July 7, currently trading around $2.69.
Also read: Grayscale Comes With Its First Defi Fund
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