Binance Smart Chain 'DeFi Asset 'Spartan Protocol' Suffers $30 Mln Hack.

Binance Smart Chain 'DeFi Asset 'Spartan Protocol' Suffers $30 Mln Hack.

2021-05-02 | Selina Mathew

Binance Smart Chain 'DeFi Asset 'Spartan Protocol' Suffers $30 Mln Hack.

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 2nd 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 28th April from a similar attack. The attack on Spartan Protocol makes it the 6th 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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