CertiK-audited DeFi ElephantStatus attacked; official loss exceeds $11.3 million $L$
In a number of operations, the attacker minted TRUNK stablecoin and redeemed it to get more WBNB and BUSD. It resulted in the spike of the ELEPHANT price and a $4 million profit for attackers per cycle., in total, $11.2 million in equivalent has been lost permanently.
Elephant Money team is already working on an emergency patch and new mechanisms that would prevent similar attacks from happening again.Immediately after the attack, the price of ELEPHANT, which is the reward token for Elephant Money's liquidity provides, dropped by almost 88% in no time.
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