Elephant Cash, a decentralized “yield farming” mechanism on the BNB Chain that makes use of the native token ELEPHANT and the stablecoin TRUNK, has had its reserve stolen.
Elephant Cash DeFi protocol, in accordance with cybersecurity agency BlockSec, has been the goal of a worth manipulation try that started with borrowed Wrapped Binance Cash (WBNB).
The attacker minted TRUNK stablecoin and redeemed it for extra WBNB and BUSD in a variety of occasions. It resulted in a $4 million achieve for attackers per cycle and an increase within the ELEPHANT worth.
This assault was carried out a number of instances, and in accordance with Elephant Cash, a complete of $11.2 million in equal has been completely misplaced.
PeckShield, one other top-tier DeFi safety agency, dubbed any such assault “compelled funding.”
The Elephant Cash group is already engaged on an emergency patch in addition to new strategies to keep away from future assaults.
The worth of ELEPHANT, the inducement token for Elephant Cash’s liquidity, plunged by almost 88% in a few minutes after the assault.
Regardless of a quick pullback, the token is at present buying and selling at $0.000000088508, or 77.1% decrease than yesterday’s values.
On the identical time, Elephant Cash employees confirmed that no customers’ funds are actually in danger. The one warning they provided was to keep away from panic promoting.
The DeFi sector has been the goal of a sequence of hacking makes an attempt in latest weeks. The Sky Mavis group introduced a $1 million bounty marketing campaign after the world-record-breaking hack of Axie Infinity’s Ronin Community.
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