Hacker drains over $1m from Levana Protocol

In an X thread, Levana said the attacker succeeded in draining approximately 10% of its liquidity pools.

Decentralized finance startup Levana Protocol suffered a security exploit, resulting in a loss of $1.14 million. The project’s statement on X revealed that the exploit “began 14 days ago,” orchestrated by seven wallets believed to be controlled by a single bad actor.

Levana stated that the attacker initially drained around 4% of its liquidity providers, later escalating to an additional 5% “until the protocol was closed from new positions being opened.”

You might also like: Thunder Terminal suffers hacker attack, losses amount to $240k

The Levana team emphasized that “most of the issues experienced by Levana with Osmosis have nothing to do with Osmosis but rather are core Tendermint and Cosmo SDK issues.” In a blog post, Levana noted that even though the Pyth oracle is a key part of the attack, there is no known vulnerability in the Pyth oracle.

“A presumed attacker was able to launch a congestion attack on the Osmosis chain to deny most Levana users the ability to interact with Levana markets for a predictable period of time, and thereby deny them the ability to update the Pyth oracle contract.”

Levana Protocol

The project clarified that the incident resulted from an “oracle attack,” which has since been fixed. Levana reassured users that “traders positions and profits are safe, closing positions are uninterrupted.” Founded in 2021, Levana Protocol is a decentralized perpetual trading protocol designed to enable leveraged positions for cryptocurrencies.

Read more: Crypto hackers managed to steal $2b in 2023
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more