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    Millions Stolen From Elephant Money

    Elephant money hack

    The Elephant Money DeFi protocol, which runs on the Binance Smart Chain blockchain, was hacked. According to Elephant Money developers, scammers could take advantage of a vulnerability in the project's smart contract code to steal more than $11 million from its reserves. 

    The criminals used the vulnerabilities of several smart contracts at once to carry out the attack. However, the developers did not specify what kind of contracts they were talking about. The project lost 27,416 BNB (~$11.2 million) as a result of the attack. At the same time, cybersecurity company PeckShield claims that the project also lost its own tokens for another $11 million. Thus, the total losses could be more than $22 million.

    According to PeckShield analysts, the attack started with a flash loan of over 130,000 wBNB and 91 million BUSD. Later, the scammers carried out a series of manipulations with the conversion of cryptocurrencies through vulnerable smart contracts. At the time of writing, the scammers have already laundered at least 1,500 BNB through the Tornado.cash mixer.

    At the time of writing, the price of the asset is $0.00000008918. Over the past 24 hours, the $ELEPHANT price has fallen by 76.88%.

    Elephant Money advertises itself as a platform for earning 672% per annum through staking stablecoins. A day before the hack, the project urged users to use it “as a new bank”, and consider $ELEPHANT tokens as a debit card.

    The project is now working with its partners to investigate the hack. Users were urged not to sell the platform’s tokens. Elephant Money emphasizes that user funds remain safe.