ChainCatcher report: According to BlockSec monitoring, several hours ago, the PancakeSwap BCE-USDT pool on the BSC chain was attacked, resulting in a loss of approximately $6.79 million. The root cause was a flaw in the BCE token's burn mechanism. The attacker deployed two malicious contracts to bypass buy/sell restrictions and trigger token burns within the pool, extracting approximately $6.79 million by manipulating the pool's reserves.
PancakeSwap BCE-USDT Pool Hacked, Losing $679,000 Due to Flaw in Token Burn Mechanism
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Summary
PancakeSwap's BCE-USDT pool on BSC was exploited, resulting in a loss of $679,000 due to a vulnerability in the BCE token’s burn mechanism. Attackers used two contracts to bypass trading restrictions and trigger token destruction, draining the pool. On-chain data reveals the attack manipulated reserves to extract funds. The incident underscores the risks associated with altcoins featuring complex tokenomics.
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