Base’s largest DEX LeetSwap halts trading amid exploit concerns

Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000.

Decentralized exchange LeetSwap, which operates on Coinbase’S Base network has announced a sudden pause to trading, citing concerns of a potential exploit.

LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and has temporarily able stopped trading to investigate.

Algorithmic market maker Wintermute’s research head Igor Igamberdiev was among those sharing theories on how the exploit may have worked, saying the attacker could have used an exposed smart contract function.

Related: Pro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silent

The function would have allowed them to undertake a series of token swaps eventually allowing them to drain liquidity pools on LeetSwap.

Igamberdiev added the potential exploit has seemingly netted the attacker 342 Ether (ETH) worth over $630,000.

Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival

This is a developing story, and further information will be added as it becomes available.

Comments

Post a Comment

Popular posts from this blog

Here’s how big food and beverage brands are using NFTs: Report

Image
The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Nonfungible tokens (NFT) adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.  A report by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands , including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.  The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions and advertising from food companies and restaurants are o...
Read more

Strategist Warns Credit Suisse Next to Collapse — Says 'There's a Run on the Bank'

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to Fall, Says Strategist Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks, including Silicon Valley Bank and Signature Bank. Foss is currently executive director at Validus Power Corp. He was a founding shareholder of 3iQ Corp. and previously held the role of senior portfolio manager with a focus on credit strategies at Fiera Quantum. He was also a managing partner for credit strategies at both GMP Investment Management and Marret Asset Management, an...
Read more

Tax Authorities Of Argentina Check Bitcoin Wallets For Unpaid Taxes As Inflation Hits Max

Image
Mar 21, 2023 at 08:12 // News Author Nina Lyon An annual inflation rate of 100% is prompting Argentines to increasingly opt for cryptocurrencies. Bitcoin becoming a haven for Argentines The latest data points out that Argentina's annual inflation rate surpassed 100% in February 2023, reaching the highest level since the country's hyperinflation in 1991. Bitcoin and other cryptocurrencies have become a haven for Argentines trying to save their assets. However, Argentina's Federal Public Revenue Administration (AFIP) points out th...
Read more