Recently, there was a hacking attack for a popular altcoin project. LVL price crashed after BNB Chain-based Level Finance was hacked today. Here are the details…
Another altcoin hacked
cryptocoin.com As we have reported, Level Finance based on BNB Chain was hacked on May 2. The attacker managed to steal $1.1 million from LVL tokens. The DeFi market has suffered yet another attack, with BNB Chain-based decentralized market Level Finance being the next victim. The team announced on Twitter on May 2 that the exploit was targeting their smart contracts to siphon funds.
The attacker dumped 214,000 LVL tokens specifically targeting the “Redirect Checker Contract”. They then exchanged these tokens for BNB tokens. Other smart contracts were not affected by this exploit. Post-development LVL price is changing hands at $7.52, down 13%.
What is Level Finance?
The team also revealed that liquidity pools and DAO treasury were unaffected, giving users slight reassurance. It also deployed a patch pretty quickly within 12 hours. The team also stated that they hope it will provide some information about the attack later on. DeFi attacks continue to plague the market, and in some cases even audits are not enough to prevent them from happening.
Level finance is a decentralized and unattended perpetual market. The platform built on BNB Chain currently has a TVL of $32.5 million. Before the attack, he had a TVL of approximately $41 million. Features that Level Finance says provide include programmatic liquidity pools, efficient hedging of capital, and risk management. The LVL token is the network’s utility token that promotes ecosystem-wide usage.
DeFi hacks on the rise in 2023
The number of hacks in 2023 is increasing, along with other attacks in recent weeks. It’s still not as bad as in 2022, but that could change quickly with one major hack. For example, hackers stole $20 million in February, which is pretty low compared to 2022. As Cryptokoin.com reported, Euler Finance and Sentiment are among the most important hacking attacks of the year. While $197 million was stolen in the first, it was $1 million in the second. Interestingly, the teams negotiated with the hackers to return most of the funds in both cases.
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