Spartan Protocol’s System Breached, Over $30 Million Drained from Project
Last Updated: 04 May 2021
Malicious attacks have swiftly replaced crypto scams as the new favorite way bad actors get their hands on other people’s cryptocurrencies.
In a year that has seen crypto getting more recognition, many protocols have been subject to hacks, and the latest is liquidity and synthetics asset provider Spartan Protocol.
Spartan Protocol Loses $30 Million
Binance Smart Chain hosted decentralized platform Spartan Protocol is the latest victim of a malicious attack that saw over $30 million worth of investors’ funds disappear into thin air.
The attack, which was noted by on-chain analysis and security startup PeckShield on Sunday, showed that the hackers could perpetuate the crime due to a flawed liquidity share calculation in the protocol. This anomaly served as the gateway through which the bad actors were able to drain assets from the pool.
The Spartan Protocol tweeted about the exploit four hours after it took place, by which time the hackers had already withdrawn part of his profit using Anyswap.
“Four hours elapsed between the first and last attack and another four between the last attack and the Spartan Protocol tweet about this exploit,” said research analyst Igor Igamberdiev on Twitter.
“This suggests that the attacker chose a perfect time, which did not allow the team to react in time.”
Why It Matters: The Spartan hack is one of the largest DeFi hacks in history, ranking 6
th in Rekt’s leaderboard of most significant exploits to date.
Mar 17, 2021 15:16 GMTCrypto News
The DeFi boom has encouraged Ethereum miners to take advantage of users by arbitrarily reordering blocks for profit.
The MEV strategy is usually performed by third-party bots, allowing miners to charge high transaction fees.
Block producers can use arbitrage to earn a profit by buying low on DEXs and selling high on other exchanges.
With the decentralized finance ecosystem gaining over $43 billion in total value locked, there is growing adoption of a new loophole in the Ethereum code to exploit unwary users.
The science behind Miner Extracted Value or “MEV”
Miner Extracted Value (MEV) originated from how the Ethereum network is structured as it gives miners the right to validate transactions as they wish. Such power gives them the ability to execute arbitrage, get access to token offerings, and perform liquidations – all without spending a dime.
3/9/2021 11:56:11 AM GMT
Justin sun sinks million in Ethereum based DeFi protocols ignoring the ones based on Tron.
Sun’s wallet takes up over 25% of Big Data Protocol volume.
Tron uptrend is intact, but resistance at $0.055 remains stubborn.
Justin Sun, the founder of TRON (TRX), a cryptocurrency project focused on providing smart contract utility, has invested a colossal amount of money in Ethereum-based decentralized finance (DeFi) projects. The underwater investment information was shared on Twitter by Igor Igamberdiev, a research analyst at The Block.
Justin Sun ignores Tron-based DeFi protocols
According to Igamberdiev, Sun changed to a new address after exposing the previous one for Big Data Protocol (BDP) farming. The data shared on Twitter reveals that the founder has invested more than $1.6 billion in Ethereum-based DeFi projects.
DeFi Transaction Batching Tool Exploited for $14M yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.