WHAT’S UP WITH PANCAKE BUNNY & HOW WAS IT HACKED?
AND WAS IT REALLY?
Today we will be discussing interesting things related to the project, the swap-farm platform PancakeBunny.
PancakeBunny is a good platform for farming, but to be honest, its price tag pushed aside potential buyers, since at that time it cost about 250$ (due to the small number of coins), and at one time it even grew to 500$.
But the very interesting event happened the day before yesterday, hence… this article is written.
The project was hacked.
All holders’ money remained safe, but the attacker was able to take possession of a huge amount of tokens worth literally millions of dollars, which he happily sold and dropped the overall price from 200$ to around 4$.
BunnyToken
Technically, the hack happened like this.
First, the hacker added a small number of assets to the Bunny USDT-BNB pool, then borrowed two and a half million BNB (worth around 1 billion$) from seven Pancake pools, and about 3 million dollars from the bank (using flash loans), then added almost 8000 BNB and these 3 million in liquidity of the USDT-WBNB pool on Pancake, leaving LP tokens in this pool.
Then he exchanged two and a half million BNB for USDT through this pool, after which 7 million Bunny was received using the assets of the 1st pool (that equals 1$ billion, for Christ’s sake!).
After that, he sold almost 5 million Bunny for two and a half million WBNB and 3 million dollars and then began to pay off the urgent flash loans that he took earlier.
The main strategy was that the hacker could manipulate the price of the Bunny token, which he took advantage of, after which he dropped the price to a minimum.
What did the developers do after that? The team’s decision was quite impressive, I must say: they had two options – either to finish this project or to get back on their feet somehow. They opted for recovery and developed a plan for both new and old investors.
PancakeBunny is affiliated with Binance and is also officially backed by PancakeSwap (by the way, BinanceLabs was one of the first investors in Bunny as well). So at the moment, it is one of the top-farming platforms, thus there is a lot of trust.
Obviously, this hack went to their advantage, since on the first day after the hack of Bunny, 57% of new holders came, and another 52% of holders the next day.
We think that among those people were probably a lot of those, who liked Bunny but did not fancy their price tag, but now they have a chance to finally invest.
The real question is - what if there was no “hacking” in the first place?
Maybe it was a cool marketing ploy?
Before raising your eyebrow, hear us out: Bunny was quite expensive at the time and it was difficult to attract new holders to such a price tag. The number of holders wasn’t really growing, so they thought of a million-dollar idea (see what I did there?) and decided to boost the project somehow.
They (probably) initiated the hack, dumped the market themselves, made millions of dollars on sales, and now they have the money to do a showcase: to engage in marketing that costs money, pay compensation, create a bonus pool and, most importantly, raise a buzz around the project and in just two days double the total number of holders.
S - SMART.
Now let’s get down to practice.
How to buy Bunny?
We go to their website and click ZAP, from above we select the cryptocurrency we wanna use, below we select Bunny, click ZAP again and confirm the actions in Metamask or TrustWallet.
Next, we go to the pool and select the one we want. The very first on the list is the Bunny pool. You put your Bunny there and Bunny will be credited to you. Enter the amount you’d like to put in and send it. Now the new Bunny tokens will be added to your wallet every couple of seconds.
Or you can choose another pool, in which BNB is credited instead of Bunny tokens.
In order to withdraw tokens, just click Withdraw, enter the amount and click Exit: Claim & Withdraw. Again, confirm the action in Metamask and you’re good.
We’ll be following the project and keep you updated on the news.
Till then…
Adios!
