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BSC-Based Bogged Finance Lost $3M to Hackers

Binance_Smart_Chain_based_DeFi_platform_suffers_$3M_flash_loan_attack
  • Binance Smart Chain Bogged Finance has lost $3 million of its native token $BOG to attackers.
  • The lost $3 million represent half of Bogged Finance’s total liquidity.
  • The Bogged Finance incident came a week after PancakeBunny.

Binance Smart Chain protocol Bogged Finance has lost a whopping $3 million of its native token $BOG through a crypto phishing attack. Of note, the $3 million lost represents almost half of Bogged Finance’s total liquidity.

Coincidently, the Bogged Finance network hack came a week right after the BSC PancakeBunny exploit.

Based on the report, the Bogged Finance team saw the misfortune attack on their network on Sunday. Due to the misfortune, the BOG team has strongly warned users to stop trading BOG until they solve the issue at hand.

Timely, the BOG developer team worked smarter and mitigated the attackers’ ill-gotten action in 45 seconds. Even, with respect to the developers’ smartness and hard work toward the incident, the attackers drained the said $3 million from the Bogged Finance liquidity.

However, citing from the report, the hackers succeeded about 11 transactions and secured about 11.358 BNB.

As a result, the BOG token price dropped drastically from $1.8 to $0.0003.

About the hack, Bogged Finance developers explained,

The attacker was able to utilize flash loans to exploit a flaw in the staking section of the BOG smart contract to manipulate the staking rewards and cause an inflation of supply — without the transaction fee being charged and burned — causing net inflation.

Furthermore, the BOG team notably said that about 47,500 BOG transaction limit has eventually damaged the culprit’s automated process. At the time of writing, the  BOG team is working to transfer their liquidity to a new contract.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.