Attacks on Binance Smart Chain protocols are intensifying with Spartan Protocol the latest DeFi project to be exposed and at least $30 million drained from one of its pools.
According to blockchain security experts, attackers were able to take advantage of a flawed liquidity share calculation in the protocol.
Days after the Uranium Finance protocol was exploited and $50 million exposed, another Binance Smart Chain protocol has been attacked. Spartan Protocol was attacked on Sunday, exposing around $30 million. In a blog post, PeckShield Inc., a leading blockchain security company investigating the breach, said the attackers were able to exploit a flawed liquidity share calculation in the protocol to drain the digital assets from one of the pools.
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.
The wallet holding the stolen funds has since been identified
