Level Finance was hacked due to a buggy smart contract. An attacker manipulated a "claim multiple" bug in a smart contract, stealing more than $1 million worth of the exchange’s native Level Finance (LVL) token.
More than 214,000 LVL tokens were drained and swapped into 3,345 BNB coins, with an approximate value of $1.01 million.
Root Cause
Blockchain security firm PeckShield announced that Level Finance's "LevelReferralControllerV2" smart contract contained a bug that allowed for "repeated referral claims" from the same epoch.
The exchange noted that its liquidity and DAOs treasury remained unaffected by the exploit.
Audit
Level Finance has also been audited by blockchain security firms Obelisk and Quantstamp, but the bug was not discovered through the audits. However, the reliability of audit firms is questionable.
It is recommended that users not connect to BSC DeFi and any small, relatively new EVM chains. During the bear market, many developers are eager to make money through whatever they do, which can increase the risk of bugs and security vulnerabilities. It is important to be cautious and not believe anyone without proper verification.
A possible rug on MEXC
There are rumors circulating about a possible rug pull on the MEXC exchange.
While this rumor is not vefified yet, it may be wise to exercise caution and be prepared for any potential risks.
It may be better to transfer asset from there at least tempolariry (From F)
HPL Community
- Blurt: At this mement, Just add "HPL" tag, I will vote fot a small amount.
I have a plan to make a Treasury Account that members could delegate and get higher voting. Delegation is a sort of a proof of membership.
Source: Level Finance, PecShiled Inc., Cointelegraph, F