On October 11, a MEV bot on the BNB Chain made a profit of $1.575 million from an attack using a flash loan of the BH/USDT trading pair on PancakeSwap, according to EigenPhi.
The cost of arbitration with the largest profit from such operations in the history of BNB Chain was only $4.16.
According to Beosin experts, the BH token was subject to an exploit worth about $1.27 million through price manipulation.
$BH token on BNB Chain was exploited for ~$1.27M due to suspected price manipulation. The profits were sent into Tornado Cash.
— Beosin Alert (@BeosinAlert) October 11, 2023
The attacker provided a loan in USDT and then exchanged the pair for BH, draining the token’s liquidity. The contract provides for a normal ratio of 1 USDT : 100 BH when adding funds. Thanks to the swap, the attacker was able to withdraw approximately 1 USDT: 2 BH.
According to Beosin, an unknown person sent the resulting assets to the Tornado Cash mixer.
On October 11th, the price of BH suddenly skyrocketed from $0.01 to around $2 when paired with USDT on PancakeSwap. This movement was preceded by a sharp drop in quotes. At the time of writing, the token is trading around $2.1.
Let us remind you that ForkLog spoke in the material about more than 10 main attack vectors for attackers on DeFi.
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