This article was written for the BSC Times, a one stop shop for everything you need to stay updated in the BSC space.
If Game of Thrones had the Red Wedding, May 2021 should go down in BSC history as the Red Month. The entire crypto space has been shaken to it’s core, with most coins and tokens trading at less than 50% of it’s ATH as investors flee to sell into stablecoins in order to weather the current market conditions.
To make things worse, the BSC has also recently seen several high profile hacks, such as the PancakeBunny exploit that saw it’s token, $BUNNY, go from $250 to $6 in minutes. It seems that hackers aren’t resting on their laurels however, and are out for more as yet another popular BSC project was targeted.
BoggedFinance
At approximately 2.30pm UTC on the 22nd of May 2021, BoggedFinance was drained of $3m in liquidity as a result of a flash loan based attack. In a similar vein to what happened with PancakeBunny, the hacker was able to generate large quantities of $BOG (BoggedFinance’s native token) and quickly proceeded to dump all of it in exchange for 11,358 BNB, worth $3m at the time.
With the increased supply, the price of $BOG immediately tanked from $8 to just over $1. Unlike PancakeBunny however, this hacker exploited the rewards generating mechanism of staking…
