The ill trend of Binance Smart Chain-based DeFi fraud has occurred yet again.
Automated market marker, BurgerSwap is the latest victim, losing $7.2 million over 14 transactions to flash loan attacks.
The Binance Smart Chain powered decentralised finance(DeFi) protocol confirmed the incident on their official Twitter handle.
BurgerSwap said they’ve “suspended Swap and BURGER generation” to avoid more losses. They also reassured investors that the tech team has set out to find a “solution.”
Before adding that they will “strive to cover” all the losses caused by the scam.
BurgerSwap just experienced a Flash Loan attack.
We have suspended Swap and BURGER generation to avoid further loss.
Our tech team is working on the issue and will publish the solution later.
More details will be published soon. Thanks for your patience.
The current total loss is around $7 million and we will strive to cover all your loss
Some other BSC-based DeFi protocols have suffered a similar fate.
DeFi fraudsters have made around $240 million in the last four months alone.
JulSwap, PancakeBunny, Uranium France, and Spartan protocol have all been victims in the past.