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News

LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

August 3, 2023 - Around 2 mins mins to read

Key Points:

  • DEX platform Leetswap recovered 314 ETH from the hack.
  • New solutions are being tested in preparation for the resumption of transactions.
  • There are a number of liquidity pools that cannot be bailed out due to limits imposed by some custom tax token contracts.
The official announcement from DEX LeetSwap on the Base chain said on Twitter that the platform had recovered a total of 314 ETH from the problematic liquidity pool.
LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

It then started using custom logic to look at failed tax tokens during recovery. The platform has managed to save the ETH of some tokens directly into the tax wallet of some of these tokens. The codes of all these tokens need to be checked one by one. That’s why trading pairs with so many tokens on the DEX take such a long time.

New solutions are being tested in preparation for the resumption of transactions. It will then send ETH to the rescued liquidity pool deployers so their developers can restart. There are a number of liquidity pools that cannot be bailed out due to limits imposed by some custom tax token contracts.

“Finally, we will resume trading as there are pools that cannot be rescued due to the limits imposed by some of the custom tax token contracts.”

Notice written

According to previous news on August 1st, the axlUSD/WETH pool in LeetSwap was hit by a price manipulation attack and the damage amounted to around $620,000.

LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

The liquidity hack is the second-biggest LeetSwap mining after a project creator (believed to be Sam Bankman-Fried) withdrew $12.5 million from a Layer 2 Base meme coin, BALD. Launched in 2022, LeetSwap is the largest decentralized exchange on Coinbase’s Base network, which aims to provide higher transaction speeds and lower fees than Ethereum.

Experts say a Reentrancy bug in the compiler for Vyper, the language used in some Curve smart contracts, triggered the attack. The smart contract compiler changes a programmer’s human-readable language into instructions that the blockchain can understand.

As one of the pillars of DeFi, Curve Finance’s hack has been causing a lot of turmoil. Curve’s core features are critical to the liquidity of stablecoins used in several other DeFi projects.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News, DeFi

LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

Key Points:

  • DEX platform Leetswap recovered 314 ETH from the hack.
  • New solutions are being tested in preparation for the resumption of transactions.
  • There are a number of liquidity pools that cannot be bailed out due to limits imposed by some custom tax token contracts.
The official announcement from DEX LeetSwap on the Base chain said on Twitter that the platform had recovered a total of 314 ETH from the problematic liquidity pool.
LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

It then started using custom logic to look at failed tax tokens during recovery. The platform has managed to save the ETH of some tokens directly into the tax wallet of some of these tokens. The codes of all these tokens need to be checked one by one. That’s why trading pairs with so many tokens on the DEX take such a long time.

New solutions are being tested in preparation for the resumption of transactions. It will then send ETH to the rescued liquidity pool deployers so their developers can restart. There are a number of liquidity pools that cannot be bailed out due to limits imposed by some custom tax token contracts.

“Finally, we will resume trading as there are pools that cannot be rescued due to the limits imposed by some of the custom tax token contracts.”

Notice written

According to previous news on August 1st, the axlUSD/WETH pool in LeetSwap was hit by a price manipulation attack and the damage amounted to around $620,000.

LeetSwap Recovers 314 ETH, New Measures Being Tested to Resume Trading

The liquidity hack is the second-biggest LeetSwap mining after a project creator (believed to be Sam Bankman-Fried) withdrew $12.5 million from a Layer 2 Base meme coin, BALD. Launched in 2022, LeetSwap is the largest decentralized exchange on Coinbase’s Base network, which aims to provide higher transaction speeds and lower fees than Ethereum.

Experts say a Reentrancy bug in the compiler for Vyper, the language used in some Curve smart contracts, triggered the attack. The smart contract compiler changes a programmer’s human-readable language into instructions that the blockchain can understand.

As one of the pillars of DeFi, Curve Finance’s hack has been causing a lot of turmoil. Curve’s core features are critical to the liquidity of stablecoins used in several other DeFi projects.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.