BNB Chain exploited in flash loan attack, attacker snags $1.27M
A flash loan attack on the BNB Chain has resulted in the largest single arbitrage profit in its history, according to security experts. The attacker exploited a price manipulation vulnerability on the BH token (BH) and made off with $1.27 million in USDT. As reported by Chinese journalist Colin Wu on Oct. 11, the attacker used a bot to borrow a large amount of USDT from a lending platform and then manipulated the price of BH on PancakeSwap, a decentralized exchange on the BNB Chain. According to EigenPhi, on October 11, MEV Bot: 0x21…480C on BNB Chain made a profit of US$1.575 million through a flash loan attack on the Pancakeswap BH/USDT trading pair for only $4.16, becoming the largest single arbitrage profit in the history of BNB Chain. According to… — Wu Blockchain (@WuBlockchain) October 12, 2023 The bot then swapped USDT for BH at a low price and removed liquidity from the BH/USDT pair at a high price, earning a massive profit in the process. The bot spent onl...