Quick loan attack on BSC’s blockchain and stealing $30 million from “Spartan Protocol” project
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Answer Quick loan attack on BSC’s blockchain and stealing $30 million from “Spartan Protocol” project
Obstacles and challenges still exist and lie in the face of development and innovation in the arena of blockchain and encrypted digital currencies.
Phishing and hacking attacks are the most prominent of these obstacles and threats.
Hours ago, the “Spartan Protocol” project team reported via Twitter that it has been subjected to a new attack from hackers.
According to information provided by the “Spartan” project management on Twitter, hackers took advantage of the quick loan method to steal $30 million worth of funds from the “Spartan” protocol.
The same Twitter account also reported that the attackers used $61 million worth of Binance tokens (BNB), the original cryptocurrency of the Binance Blockchain (BSC).
Continued targeting of crypto projects:
Unfortunately, cryptocurrency scams continue to affect the rapidly developing crypto space.
Project management told Spartan that it is working with the Binance team to find a solution to this problem and recover the stolen funds.
The company “PackShield”, which specializes in security and analysis of blockchain data, conducted some research, and indicated that the incident was due to a defect in calculating the share of the liquidity pool in the protocol.
This allowed hackers to exploit the protocol and drain cryptocurrencies from its pools.
In a brief summary, PackShield explained:
Read:Ripple receives new lawsuit over XRP coin
This incident was due to faulty logic in calculating the liquidity pool, and when the pool’s currency is burned to withdraw the underlying cryptocurrency.
In particular, this particular hack inflates the asset balance of the liquidity pool before burning the same amount of cryptocurrencies for the pool to demand an unnecessarily large amount of the underlying assets.
This attack resulted in the loss of more than $30 million from the affected group.
clearer The famous crypto account “Wu Blockchain” on Twitter that this is the first attack of its kind (a quick loan attack) on the Binance BSC blockchain.
But it’s not the first hack of a blockchain-based project by Binance, as Syntetix had a $37 million theft earlier.
The cryptocurrency “SPARTA” of the “Spartan” project was affected by the news of the theft and decreased by 29.8% in the last 24 hours.
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