• Promotions
  • About
  • Contact Us
SUBSCRIBE
FintechMode
  • Fintech
  • Finance
  • Crypto
  • Business
  • PR
No Result
View All Result
SUBSCRIBE
  • Fintech
  • Finance
  • Crypto
  • Business
  • PR
No Result
View All Result
FintechMode
Home News Cryptocurrency

Level Finance Smart Contract Breach Leads to $1 Million Loss in LVL Tokens

JP Buntinx by JP Buntinx
May 2, 2023
in Cryptocurrency
56 2
0
Level Finance Smart Contract Breach Leads to $1 Million Loss in LVL Tokens
Share on FacebookShare on Twitter

Level Finance, a renowned decentralized exchange, recently fell victim to a significant security breach. The attacker exploited a flaw in the platform’s smart contract, known as “claim multiple,” which resulted in the theft of over 214,000 Level Finance (LVL) tokens. The stolen LVL tokens were converted into 3,345 Binance Coin, worth approximately $1 million.

Peckshield and BSC Scan Expose Level Finance Vulnerability

Upon discovering the breach, Level Finance promptly notified its 20,000-strong Twitter following of the incident. The exchange further emphasized that the attack solely impacted LVL tokens, not its liquidity pools or related DAOs.

Related articles

The Complexities of a Digital Euro Cause Discourse Among Experts

The Complexities of a Digital Euro Cause Discourse Among Experts

November 29, 2023
Ripple and Metaco: Pioneering the Future of Digital Asset Custody With HSBC?

Ripple and Metaco: Pioneering the Future of Digital Asset Custody With HSBC?

November 27, 2023

Renowned blockchain security firm Peckshield identified the vulnerability within Level Finance’s “LevelReferralControllerV2” smart contract. The bug enabled “repeated referral claims” from the same epoch, which the attacker exploited to extract numerous LVL tokens. Level Finance later confirmed this finding in an official statement made on Discord.

Data from Binance chain explorer BSC Scan also revealed multiple instances of invoking the “claim multiple” function over the past 48 hours. The compromised v2 controller contract has not been altered since the attack. However, Level Finance has committed to deploying a new implementation of the referral contract within the next 12 hours.

Temporary Shutdown of the Referral Program and the Road to Recovery

To mitigate further damage, DeDotFiSecurity announced on Twitter that the Level Finance team has “temporarily shut down the referral program,” effectively stopping the exploit. The exchange has since isolated the exploit from other potential vulnerabilities and asked its users to “stand by for a full post-mortem.”

As Level Finance moves forward after this significant security breach, it is a stark reminder of the importance of robust smart contract security measures within the decentralized finance (DeFi) sector. 

The industry must continuously invest in security improvements to protect users and preserve the integrity of the DeFi ecosystem. Unfortunately, this will unlikely be the last security incident in decentralized finance. 

Disclaimer

Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. FintechMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

Tags: DeFiHackLevel FinanceLVLSmart Contract
Share76Tweet47
JP Buntinx

JP Buntinx

Related Posts

The Complexities of a Digital Euro Cause Discourse Among Experts

The Complexities of a Digital Euro Cause Discourse Among Experts

by JP Buntinx
November 29, 2023
0

The concept of a digital euro presents many complexities, as seen in recent discussions within the European Parliament. Lawmakers and...

Ripple and Metaco: Pioneering the Future of Digital Asset Custody With HSBC?

Ripple and Metaco: Pioneering the Future of Digital Asset Custody With HSBC?

by JP Buntinx
November 27, 2023
0

Metaco, a Swiss-based digital asset custody firm, was acquired by Ripple earlier this year. This strategic acquisition has opened new...

Stablecoins: The 2024 Catalyst for Crypto Market Growth

Stablecoins: The 2024 Catalyst for Crypto Market Growth

by JP Buntinx
November 15, 2023
0

The cryptocurrency market witnessed a significant shift in dynamics. Stablecoins emerge as a critical driver of investment and liquidity. Recent...

Animoca Brands Enhances Chiliz Chain As A Validator

Animoca Brands Enhances Chiliz Chain As A Validator

by JP Buntinx
November 14, 2023
0

Animoca Brands, a renowned gaming and blockchain industry leader, has recently embarked on a noteworthy venture. It will become a...

MOON Token Price Surges Amid Reddit Community Points Program Revival Rumors

MOON Token Price Surges Amid Reddit Community Points Program Revival Rumors

by JP Buntinx
November 14, 2023
0

The MOON token, closely associated with Reddit’s now-defunct Community Points program, has experienced a significant surge in its value. Over...

Load More
  • Trending
  • Comments
  • Latest
BinaryX Launches AI Chat Game ‘AI Hero’ With Limited NFT Mints

BinaryX Launches AI Chat Game ‘AI Hero’ With Limited NFT Mints

November 28, 2023
Wake: New Open-Source Tooling on Ethereum to Stop Bugs

Wake: New Open-Source Tooling on Ethereum to Stop Bugs

November 28, 2023
Web3 Partnership Announcement: Bridging the StarHolder Journey into the Mooniverse

Web3 Partnership Announcement: Bridging the StarHolder Journey into the Mooniverse

December 5, 2023
Australia Has Confusing New Crypto Tax Guidelines

Australia Has Confusing New Crypto Tax Guidelines

December 1, 2023
What Should You Do Now That Bitcoin Has Reclaimed Records Highs?

What Should You Do Now That Bitcoin Has Reclaimed Records Highs?

0
New Greece-Bulgaria Gas Pipeline Reduces Reliance On Russia

New Greece-Bulgaria Gas Pipeline Reduces Reliance On Russia

0
Challenger Bank North Winds Down After Unsuccessful Fundraising

Challenger Bank North Winds Down After Unsuccessful Fundraising

0
USDC Will Integrate With Decentralized Social to Bring Web3 to The Masses

USDC Will Integrate With Decentralized Social to Bring Web3 to The Masses

0
Match Chain Mainnet Ready to Roll Out in March

Match Chain Mainnet Ready to Roll Out in March

December 8, 2023

Top Infrastructure providers join Flare to enable the Blockchain for Data

December 8, 2023
Gate.io Lend & Earn Reaches New Heights with $500M in Loaned Assets

Gate.io Lend & Earn Reaches New Heights with $500M in Loaned Assets

December 8, 2023

Sui Joins DeFi Leaders, Topping $100M in Bridged USDC

December 7, 2023

Dedicated cryptocurrency and fintech news that includes various interesting material available in the market today. 

Categories
  • Blockchain
  • Business
  • Crypto News
  • Cryptocurrency
  • Featured
  • Finance
  • Fintech
  • Markets
  • Metaverse
  • Metrics
  • News
  • PR
  • Stocks
Tags
AI Apple Australia Bank Banking Banks Binance Bitcoin Blockchain Brazil Cardano CBDC China Coinbase Crypto Cryptocurrency DeFi Digital Assets Elon Musk Ethereum Federal Reserve Finance Fintech FTX Gold Inflation Investing Layoffs Mastercard Metaverse Money NFT Payments PayPal Regulation Revolut Russia SEC Stablecoin Stablecoins Stock Market Stocks UK Visa Web3
Newsletter

Subscribe to our mailing list to receives daily updates direct to your inbox!

This field is for validation purposes and should be left unchanged.
  • About
  • Editorial Policy
  • Promotions
  • Contact Us
  • Privacy Policy
  • Terms and Conditions

Disclaimer:

Any financial and crypto market information given on FintechMode is written for informational purpose only and is not an investment advice. Conduct your own research by contacting financial experts before making any investment decisions, more information here.

© Fintechmode.com

No Result
View All Result
  • Fintech
  • Finance
  • Crypto
  • Business
  • PR

© Fintechmode.com - A subsidiary of the NoRestMode organization.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Subscribe To Our
Mailing List

Sign up for our newsletter with the best in fintech news.

This field is for validation purposes and should be left unchanged.