Last Updated on May 4, 2021 by Jason
Spartan Protocol, which is a protocol that is decentralized that has been developed in association with Binance, was exploited as a result of ‘flawed liquidity share calculation’ within the protocol, which cost the digital asset company more than $30 million.
A post was set up by security firm Peckshield, and it said, “In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets. What we know so far – attacked used $61 million in BNB to overcome the pools via an as yet unknown economic exploit path to remove roughly $3 million in funds from the pools.”
According to the official website of Spartan Protocol, they provide “community-governed and programmable token emissions functions to incentivize the formation of deep liquidity pools.”
Just days prior to the attack, Binance’s Uranium Finance was exploited out of more than $50 million.