$30 Million Stolen From Spartan Protocol on Binance Smart Chain
The cryptocurrency world has been developing so fast that it became a focus of scams and cyber-attack occurrences. Just announced today, Spartan Protocol was apparently attacked on May 1 at about 4 PM +UTC and more than 30 million dollars in funds went missing. This incident is a first-of-its-type flash loan attack on the Binance Smart Chain (BSC). Spartan Protocol is also known as SPARTA, a cryptocurrency token that operates on the BSC platform.
PeckShield, a firm that handles blockchain security and data analytics, worked on the root cause analysis of the incident. The firm found out from their investigation that this “incident was due to a flawed liquidity share calculation in the protocol. 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.”. This made the attack possible, but the PeckShield team is actively overseeing the attacker’s funds for any potential movements.
Spartan and the Binance team have been continuously working together to find a solution and a way to recover the stolen funds. BNB price has dropped to around $633 as of this writing. Binance Coin (BNB) was trading at a low of $621.92 earlier in the day with a market cap of $97 billion.
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