The crypto market is experiencing just about every odd event one could think of this week. From the market-wide crash, to China’s crypto ban, to Elon Musk’s cryptic “cybervikings” tweet pumping Dogecoin (CCC:DOGE-USD), you can never be too sure of what to expect. Pancake Bunny (CCC:BUNNY-USD) is hurting bad with some unprecedented news. A market exploit allowed somebody to flash attack the Pancake Bunny (BUNNY) crypto and make off with millions.
Pancake Bunny is a native token to PancakeSwap (CCC:CAKE-USD). It’s a straightforward yield-farming token; simply buying and holding BUNNY leads to returns from others’ farming rewards.
But the week has not been kind to the BUNNY token.
A flash loan attack has allowed a bad actor to tank the price of BUNNY and run off with a ton of money. All in all, it appears that the attacker is making off with $43 million.
Pancake Bunny (BUNNY) Crypto: What Happened to BUNNY?
A flash loan attack is an exploit used to quickly pump and dump coins. The attacker took out a flash loan of BinanceCoin (CCC:BNB-USD). They then used the huge amount of BNB to manipulate token prices of Tether (CCC:USDT-USD)/BNB and BUNNY/BNB liquidity pairs. The price pumping had allowed them to accrue a huge number of BUNNY tokens. The manipulative pumping saw BUNNY climb to $240 from $150. After creating the artificial $90 gain, the exploiter sold off all the BUNNY, repaid the flash loan to Binance, and vanished.
The sale of the BUNNY has tanked its value. The artificially created $240 high dropped to just about $0.
Since the exploit, BUNNY is slowly and steadily coming back from its near $110 million market capitalization losses. Prices are rebounding by 23% to a current value of $40.93 today, thanks to a near 88% increase in trading volume. While that’s still a far cry from its $150 valuation prior to the flash loan exploit, it shows consumer faith in the PancakeSwap native token.