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anchored·3j6yVS…hyQ1Summary
PancakeBunny (Bunny Finance) was a Binance Smart Chain yield-optimizer developed by the anonymous team MOUND (Mound Inc.), which received a $1.6 million seed round led by Binance Labs in April 2021. The protocol suffered three separate exploits across 2021–2022 totaling over $127 million in losses, including a $45 million flash loan attack in May 2021, a $2.4 million polyBUNNY exploit on Polygon in July 2021, and an $80 million hack of its affiliated lending protocol Qubit Finance in January 2022. The BUNNY token has lost more than 99% of its all-time high value, the protocol transitioned to a DAO structure in early 2022, and no stolen funds from any exploit were publicly confirmed as recovered.
Connected Entities
2 entities- + 3 more
Timeline(12 events)
12 April 2021
Binance Labs leads $1.6 million seed round in Mound Inc., developer of PancakeBunny. IDEO CoLab, SparkLabs also participate. Team exits stealth mode but remains anonymous.
21 April 2021
BUNNY token reaches all-time high of approximately $576.25.
19 May 2021
Flash loan attack on PancakeBunny BSC protocol. Attacker borrows ~2.3 million BNB via eight flash loans, manipulates internal price oracle, mints ~697,000 BUNNY tokens, and nets approximately 114,631 WBNB ($45 million). BUNNY price collapses from ~$146 to ~$6.
21 May 2021
PancakeBunny publishes post-mortem characterizing the incident as an 'economic exploit' rather than a smart contract breach. Team announces recovery plan.
June 2021
PancakeBunny launches formal recovery plan including pBUNNY compensation token, Compensation Pool funded by performance fees, and MND (Mound) token at 1.5x BUNNY swap ratio.
16 July 2021
polyBUNNY exploit on Polygon network. Attacker uses nearly identical flash loan minting technique, minting 2.1 million polyBUNNY tokens worth approximately $2.4 million. polyBUNNY price falls from ~$10 to ~$1.78.
21 July 2021
Team announces it will slow pace of releases, implement testnet deployments, bounty programs, and multi-layer code reviews before future mainnet launches. $2.4 million MND compensation plan announced for polyBUNNY holders.
27 January 2022
Qubit Finance (QBridge) hacked for approximately $80 million. Attacker exploits legacy deposit function in the cross-chain bridge contract to mint qXETH without depositing real ETH, draining 206,809 BNB. Funds routed through Tornado Cash. Chainalysis assesses attack as likely North Korea-linked.
31 January 2022
Qubit Finance offers attacker escalating bug bounties up to $2 million in exchange for returning the $80 million. No response or fund return reported.
February 2022
PancakeBunny transitions to DAO structure as active development winds down.
February 2022
PancakeBunny publishes 2022 roadmap, but subsequent development activity is minimal.
2024
BUNNY token trading near $0.06 with market cap below $35,000 — over 99.9% below all-time high. Protocol TVL near zero. No confirmed recovery of funds from any of the three exploits.
Decision Log
- hash: EGPLPKrpTXFZyEdnFCPqSVSvHw7PZD7i2tVo5f7nLP3C
This investigation is cryptographically anchored to the Solana blockchain (1 event). 20 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:57 AM
last updated: 9/1/2026, 7:26:08 AM
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