Hacker withdrew $30M worth of tokens from Spartan Protocol

by in DeFI News

Hack

A hacker attacked the Spartan Protocol DeFi project running on the Binance Smart Chain (BSC) and pulled about $ 30 million from its liquidity pools.

The hacker used $ 61 million in BNB tokens to attack.

Spartan also said they are trying to recover the withdrawn funds and turned to Binance for help.

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Analysts at PeckShield uncovered the attack mechanism, finding that an attacker had exploited a vulnerability in the protocol’s liquidity determination. The hacker increased the balance of the pool before burning tokens in it to withdraw the excess amount of underlying assets.

For the attack, he took an instant loan on the PancakeSwap protocol in the amount of 100,000 BNB, which he returned after paying a commission of 260 BNB.

The price of the Spartan Protocol (SPARTA) token, which peaked at $ 1.71 on May 1, was currently dropping to $ 1. At the time of writing, quotes are around $ 1.15.