Level Finance Crypto Exchange Hacked
Hackers used a Level Finance smart contract vulnerability to steal 214,000 LVL tokens from the decentralised exchange and trade them for 3,345 BNB, which is worth about $1 million.
While Level Finance stated that the attack had no effect on its liquidity pool or the DAO treasury, and that the exploit had been isolated from all other contracts, the LVL token lost roughly 50% of its value immediately after the attack was revealed.
The corporation has vowed to offer updates as soon as the investigation reveals further information. The DAO has since posted a proposal asking for community feedback on how the 214K LVL tokens put to circulation by the hack should be handled.
Blockchain security and data analytics company PeckShield explained that the breached smart contract, ‘LevelReferralControllerV2,’ had a logic bug in the claimMultiple function that allows users to repeatedly claim referral rewards within the same epoch.
(With inputs from Shikha Singh)
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