Bogged Finance, Another Binance Smart Chain Protocol After PancakeBunny Hacked Using Flash Loans
The attackers exploited the protocol by inflating the BOG balance via via self-transfer. Apparently there's been a bug in BOG token contract which is default deflationary in nature. It charges 5% of the amount transferred out of which 1% is burned and 4% is charged as staking fees. But the token contract implementation only charges 1% and remaining 4% is still inflated as staking profit.
The hackers took flashloans to substantially increase the stacking amount and performed self transfers repeatedly to benefit from inflated staking profits. Later, the BOG profits were dumped for $3.6M WBNB.
The BOGG token price fell from 8.25$ to 0.159$ in matter of minutes as a result of dumping.
Two days ago a similar kind of exploitation took place on PancakeBunny, when hackers managed to manipulate the price of BNB-USDT pool using flash loans and minting 7 million Bunny tokens worth $45 million.
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binance is a giant network, so you must have a plan to avoid the vulnerability.
Lets hope so.
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I think for the moment Cub doesn't have complex stacking mechanics + is simply not big enough to be worth an exploit :)
But it is good to see these things happen. To prepare :)
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Better be ready than being sorry. Lets hope cubbdefi survives the malicious eyes.
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as far I know the audit was positive. So I think the risk should be low :) But I'm not that big defi expert at all :)