Hacker drains over $1m from Levana Protocol

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In an X thread, Levana mentioned the attacker succeeded in draining roughly 10% of its liquidity swimming pools.

Decentralized finance startup Levana Protocol suffered a safety exploit, leading to a lack of $1.14 million. The mission’s statement on X revealed that the exploit “started 14 days in the past,” orchestrated by seven wallets believed to be managed by a single dangerous actor.

Levana said that the attacker initially drained round 4% of its liquidity suppliers, later escalating to a further 5% “till the protocol was closed from new positions being opened.”

The Levana group emphasised that “a lot of the points skilled by Levana with Osmosis don’t have anything to do with Osmosis however reasonably are core Tendermint and Cosmo SDK points.” In a blog post, Levana famous that though the Pyth oracle is a key a part of the assault, there isn’t any identified vulnerability within the Pyth oracle.

“A presumed attacker was in a position to launch a congestion assault on the Osmosis chain to disclaim most Levana customers the power to work together with Levana markets for a predictable time period, and thereby deny them the power to replace the Pyth oracle contract.”

Levana Protocol

The mission clarified that the incident resulted from an “oracle assault,” which has since been fastened. Levana reassured customers that “merchants positions and earnings are protected, closing positions are uninterrupted.” Based in 2021, Levana Protocol is a decentralized perpetual buying and selling protocol designed to allow leveraged positions for cryptocurrencies.

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