LeetSwap, No.1 DEX On Base Suspected Attack

Key Points:

• LeetSwap, the largest DEX on the Base chain, tweeted that several liquidity pools on the platform may have been hacked.
• The team has now suspended transactions on the platform to conduct an investigation.
• The LEET price immediately dropped 5.4% following the platform’s announcement.

According to the official announcement of the largest DEX on Base, LeetSwap, it is possible that some of their liquidity pools were hacked.

A few minutes ago, the leading DEX platform on Base issued a notice stating that our factory has a security pause function because their DEX was forked from Solidly. The platform found that some of the pool’s liquidity may have been compromised.

Currently, the team has paused all transactions to conduct an investigation. Users will not be able to trade on this exchange until further notice from the project. Several user reports have also pointed to various bugs on the platform.

The LeetSwap exchange emerged a few days ago when the memecoin $BALD appeared on the Base ecosystem, which has increased thousands of times, attracting the attention of users in the context of the market without many positive fluctuations. There is a lot of talk in the community about the hacked DEX being the next step of the BALD token drag carpet, a memecoin that has seen a huge increase in TVL from 0 to $55 million in just 24 hours of launch.

A series of memecoin projects based on Base also showed signs of rug pull. Even the $BALD project suddenly dropped 99% when a large amount of liquidity was withdrawn, thereby creating suspicion of the rug pull project.

Wintermute researcher Igor Igamberdiev said that the vulnerability comes to a function in the code of the pools on LeetSwap, which allows users to withdraw all the liquidity in the pool in a few simple steps.

Its LEET token price immediately recorded a drop of $5.4% in the past 24h after recording the news. Currently, LEET is trading at $15.6.

According to CertiK statistics, July is the period to record the highest loss from crypto attacks so far in 2023, with $303 million being stolen from many well-known DeFi protocols. Although both the number of attacks and the damage caused by crypto-attacks in the first half of 2023 has decreased compared to 2022, the problem continues to be a problem for the crypto industry.

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