Elephant Money TRUNK Flash-Loan

In April 2021, the BNB Chain protocol Elephant Money lost approximately $22 million (nominal) when a flash loan manipulated the TRUNK/BUSD and ELEPHANT pricing its buy/sell (mint/redeem) mechanism relied on. The attacker skewed the pools, minted/redeemed TRUNK at the manipulated rate, and extracted value; TRUNK depegged.

What happened

Elephant's TRUNK stablecoin mint/redeem priced from manipulable on-chain pools. A large flash loan distorted the pricing; the attacker cycled mint/redeem at the skewed rate for ~$22M nominal before the mechanism's value collapsed.

Why it matters

Elephant Money is another BSC-2021 flash-loan pricing manipulation against a stablecoin mint/redeem (Wault, PancakeBunny, and the broader cluster). It also doubles as a stablecoin entry: the catalogue's stablecoin thesis — the product is the peg; a demonstrated path to skewed mint/redeem is fatal regardless of the realized number — holds. Its catalogue value is cumulative density: BSC 2021 produced this exact bug class so often that it is, by volume, one of the single most-repeated patterns in the entire dataset.