Elephant Money

Elephant Money is a decentralized finance platform headquartered in the United States of America. It provides a blockchain ecosystem that includes its native cryptocurrency, the ELEPHANT token. The platform also issues a stablecoin named TRUNK, which can be generated through interactions with the ELEPHANT token. Users can access the platform to swap tokens, provide liquidity, and engage in other permissionless financial activities.

In April 2022, the platform experienced a security breach in which attackers exploited a price manipulation vector, resulting in the loss of over eleven million dollars in assets. The incident involved the use of flash loans to borrow wrapped Binance Coin, which was then traded for ELEPHANT tokens to inflate their value and mint TRUNK stablecoins repeatedly. This exploit caused the ELEPHANT token’s market price to decline by more than seventy‑six percent, indicating the scale of value at risk. The magnitude of the loss suggests that Elephant Money held a notable amount of user funds and protocol value prior to the attack.

A distinguishing feature of Elephant Money is the tight coupling between its volatile ELEPHANT token and the algorithmic TRUNK stablecoin, where minting TRUNK requires locking ELEPHANT as collateral. This design creates a feedback mechanism intended to stabilize the stablecoin’s value while exposing the system to token price fluctuations. The organization’s headquarters are located in the United States, and no public information indicates a parent company or subsidiary relationship, suggesting it operates as an independent project. Following the 2022 breach, Elephant Money worked with security partners to patch the vulnerability, deployed treasury reserves to offset losses, and advised users against selling tokens to prevent further market disruption.