Fun

News Feed - 2023-08-01 12:08:30

Jesse Coghlan5 hours agoBase’s largest DEX, LeetSwap, halts trading amid exploit concernsSome analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000.2392 Total views28 Total sharesListen to article 0:00NewsJoin us on social networksDecentralized exchange LeetSwap, which operates on Coinbase’s Base network, has announced a pause on trading, citing concerns of a potential exploit.


LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and temporarily stopped trading to investigate. In a subsequent update, the exchange said it is working with on-chain security experts to try to recover locked liquidity.As our DEX is forked from Solidly, our factory had a security pause function.

We noticed that some pool liquidity might have been compromised and we temporarily stopped the trading to investigate.— LeetSwap (@LeetSwap) August 1, 2023


While the exchange did not share many details, a number of blockchain sleuths have since provided some commentary about how the exploit is likely to have taken place.


Algorithmic market maker Wintermute’s research head, Igor Igamberdiev, believes the attacker used an exposed smart contract function, allowing them to increase the price of a token which would then allow them to drain wrapped Ether (ETH) from LeetSwap’s liquidity pools.It was easy:

- swap a bit of WETH for X tokens (should have fees)

- call _transferFeesSupportingTaxTokens(address, uint256) to move token to a Fees contract

- call sync()

- swap X tokens for all WETH from the pool

Don"t think that this function should be public

GG WP pic.twitter.com/a7vXvWf0HY— Igor Igamberdiev (@FrankResearcher) August 1, 2023


Igamberdiev added the potential exploit has seemingly netted the attacker 342.5 ETH, worth over $630,000.


Multiple blockchain security firms including PeckShield, Beosin, BlockSec and CertiK confirmed Igamberdiev"s theory and the amount exploited in separate tweets.


Related: Pro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silent


In an update by LeetSwap roughly an hour and a half after it notified of the trading halt, it said it’s working with security experts to find a way to recover liquidity locked on the platform.We are working with on-chain security experts to try and find a way to recover the locked liquidity.

If you did not lock your liquidity you are free to remove it from the pools.— LeetSwap (@LeetSwap) August 1, 2023


It"s the second Base-related controversy in a day. Earlier, the developer of a Brian Armstrong-themed memecoin called BALD removed liquidity for the token, causing its price to drop.


Allegations flew that the project was an exit scam, which the project developer denied.


Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival# Blockchain# Hackers# Base# Hacks# DeFi# DEXAdd reactionAdd reactionRelated NewsWhat is an atomic swap, and how does it work?We need to fundamentally change how smart contracts operateArbitrum-based Rodeo Finance exploited for second time, $1.5M stolenCrypto lender Geist Finance shuts down permanently over Multichain hack‘Multichain was a big blow,’ says Andre Cronje as Fantom TVL slumpsAlphapo hot wallets hacked for over $31 million

News Feed

David Attlee14 hours agoZimbabwe turns gold-backed digital token into payment methodThe Reserve Bank of Zimbabwe first introduced its new project in April, with each issued digital token backed by a physical amount of go
Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament
Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the
Ethereum Fees Drop 53% in 20 Days — Polygon Hermez, Loopring Offer Lowest L2 Fees
Ethereum Fees Drop 53% in 20 Days — Polygon Hermez, Loopring Offer Lowest L2 Fees Ethereum’s average network fees have dropped to the lowest value in 30 days at 0.0096 eth
Blast TVL crosses $2B as it targets mainnet launch on Feb. 29
Tom Mitchelhill6 hours agoBlast TVL crosses $2B as it targets mainnet launch on Feb. 29More than $2.1 billion has been locked on the Blast protocol as users eagerly await an airdrop slated for May.1033 Total views3 Total
Firstderivative Yield Farming Project Is Now Live With x10 Bonus
Firstderivative Yield Farming Project Is Now Live With x10 BonusThe latest trends at the cryptocurrency market are largely characterized by DeFi gaining more momentum and the upcomi
Tesla CEO Elon Musk Reveals Why He’s Pro Dogecoin Amid Debate Over Web3, Ethereum, Decentralization
Tesla CEO Elon Musk Reveals Why He"s Pro Dogecoin Amid Debate Over Web3, Ethereum, Decentralization Tesla and Spacex CEO Elon Musk has explained why he’s pro dogecoin as the
Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes The price of bitcoin has slid under the $30K zone on Tuesday, dipping to $
KuCoin responds to claims of user funds being locked
Ezra Reguerra10 hours agoKuCoin responds to claims of user funds being lockedA KuCoin representative told Cointelegraph that it is already communicating with users to resolve the cases reported on Reddit.2850 Total views
Bitfarms Buys Land to Open New Mining Facility in Canada
Bitfarms Buys Land to Open New Mining Facility in Canada Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and a facility in Canada.
HTC Will Support Binance Chain With Special Edition Smartphone
Smartphone developer HTC plans to provide support for Binance Chain with a new special edition version of its blockchain mobile. The company announced Tuesday that it would release
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH The price of bitcoin has continued to push toward higher prices as the leading crypto
Solana (SOL) tops $150 amid Pantera Capital bid, surge in memecoin and DApp activity
Marcel Pechman3 hours agoSolana (SOL) tops $150 amid Pantera Capital bid, surge in memecoin and DApp activityA handful of new developments back Solana’s swift rally to $150, but are any of them sustainable?2388 Total v