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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.