Binance Smart Chain 'DeFi Asset 'Spartan Protocol' Suffers $30 Mln Hack.
2021-05-02 | Selina Mathew
Spartan Protocol, a DeFi protocol built on Binance Smart Chain for incentivized liquidity
and artificial assets, was exploited earlier today on Sunday UTC
due to “a flawed liquidity share calculation”
within the protocol,
leading to a loss of
over $30 Mln,
consistent with a medium post by on-chain analysis and security startup Peckshield.
"In particular,
the precise hack inflates the asset balance of the pool before burning
an equivalent amount of pool tokens
to claim an unnecessarily
great deal of underlying assets," the post
explains.
"What
we all know so far – attacker used $61 Mln in BNB
to beat the pools via a[n]
so far anonymous economic exploit path
to get rid of roughly $3 Mln in funds from the pools,"
consistent with the official Twitter account of Spartan Protocol, that primarily reported the incident around 12:21 AM UTC on 2
nd May.
In line with Spartan Protocol's official
website, the DeFi liquidity platform "offers community governed and programmable token emissions functions to incentivize the formation of deep liquidity pools."
The attack came just
a couple of days after Binance Smart Chain's DeFi exchange Uranium Finance lost
over $50 Mln in an exploit on 28
th April from
a similar attack.
The attack on Spartan Protocol makes it the 6
th largest monetary exploit in DeFi history, consistent with
Rekt, after EasyFi's $59 Mln, Uranium Finance's $57.2 Mln, Kucoin's $45 Mln, Alpha Finance's $37.5 Mln, and Meerkat Finance's $32 Mln.
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