Another many millions stolen from a DeFi platform on Binance Smart Chain (BSC): Spartan Protocol

Another many millions stolen from a DeFi platform on Binance Smart Chain BSC Spartan Protocol

Again, a decentralized platform (DeFi) platform is the target of theft. Spartan Protocol, a DeFi platform on the Binance Smart Chain (BSC), was hacked on May 1. More than 30 million worth of crypto have been stolen from the new platform.

Yesterday, Peckshield, a security company, was the first to report an incident where a hacker took advantage of a flaw in the system. The company describes the incident as follows:

“This incident was due to an error in the calculation of the liquidity share when the pool token is destroyed to include the underlying assets. In particular, the specific hack increases the pool’s asset balance before the same number of pool tokens are destroyed to claim an unnecessarily large amount of underlying assets. ”

Researcher Igor Igamberdiev reports that the following cryptocurrencies were stolen, including wrapped binance coin (BNB), spartan protocol token (SPARTA), binance bitcoin (BTCB), and binance USD (BUSD), for a total value of $ 30.5 million:

Spartan Protocol is receiving quite a bit of criticism for the incident. The team reports that false information is being spread across the platform and denies that it is a clone of Uniswap (UNI) and / or Synethix (SNX). The team also reports that it wants to rebuild:

“Sparta has no investors, no team tokens, no air-dropped funds, no treasury. The team’s equity backed up liquidity in the protocol, which was also stolen. We have nothing left but our determination, dedication and vision. Which means we are ready to rebuild. ”

Research firm Messari recently reported that as much as $ 285 million worth of crypto has been stolen from DeFi platforms since 2019. Despite this, DeFi tokens are performing well again today, both on BSC and on Ethereum (ETH).