Stablecoin Platform Elephant Money Suffers Attack, Hackers Make About $4 Million in Profit

Stablecoin platform Elephant Money has been attacked and hackers made about $4 million in profit. It is reported that the hackers used flash loan to lend $WBNB to buy a large amount of $ELEPHANT and then used $BUSD to mint $TRUNK stablecoin. The Elephant contract converts $BUSD to $WBNB and then to $ELEPHANT and the price goes up. The attacker then sells $TRUNK and $ELEPHANT for a profit.