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Binance Smart Chain's BurgerSwap drained of $7.2M in exploit

The latest in a recent spate of decentralized finance hacks.

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Binance Smart Chain's BurgerSwap drained of $7.2M in exploit

Another decentralized fund protocol was subject to a major exploit Friday, May 28, after $7.2 million was drained from BurgerSwap (BURGER) on Binance Smart Chain.

Varying amounts of seven different cryptocurrencies were stolen amid the attack, including $3.2 million worth of BURGER tokens, $1.6 million worth of Wrapped BNB (WBNB) and $1.4 million worth of Tether (USDT). The funds were still being sold off at time of publication.

BurgerSwap started in late 2020 as what was thought to be a replica of the Uniswap decentralized market. However, a post-mortem into the exploit revealed the omission of some vital line of code recognized Uniswap out of BurgerSwap, and was likely the point of attack for what took place on Friday. This revelation led some interpersonal media observers to speculate that BurgerSwap developers were behind the assault themselves.

The BurgerSwap team announced that it was"working on the issue" and that it had suspended the creation of any more tokens to prevent more losses on Friday morning. The team tweeted:

"BurgerSwap just experienced [a] Flash Loan attack. We've suspended Swap and BURGER generation to prevent additional loss. Our tech staff is working on the matter and will publish the solution later. More details will be released soon. Thank you for your patience"

Hacks on Binance Smart Chain became more numerous this month, following $200 million has been drained from PancakeBunny (BUNNY) on May 20, and also $3 million was stolen from Bogged Finance (BOG) on May 24.

Blockchain security and analytics company CipherTrace recently declared it would extend its services to include Binance Smart Chain in response to this sudden spate of exploits.

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