The BlockSec ThunderForecast system detected an attack on Elephant Money. The attacker first used WBNB to buy a large amount of ELEPHANT, and then used BUSD to mint the TRUNK stablecoin.
During the minting process, the Elephant contract will convert BUSD to WBNB and then to ELEPHANT to increase the price of ELEPHANT.
The attacker then sold ELEPHANT for profit. According to preliminary estimates, the attackers made a single profit of about 4M USD.