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News

Leetswap Trading Restarted But User Can’t Buy Tokens

August 4, 2023 - Around 2 mins mins to read

Key Points:

  • Base Leetswap’s largest DEX has reopened trading for several tokens.
  • Users can make sales but cannot buy tokens because of the risk of re-attack.
  • Previously, the exchange recovered about 400 ETH from the risk liquidity pool, and this money will be redistributed to different pools for a restart.
According to the official announcement from Leetswap, the largest DEX on the layer 2 Base platform, now DEX transactions have resumed, but users cannot buy tokens.
Leetswap Trading Restarted But User Can't Buy Tokens

Specifically, transactions have now resumed on the DEX. Users can sell those tokens affected in their hack, as their remaining liquidity cannot be rescued by white hat hackers. A URL is attached to be able to withstand more loads if the leading site fails to load.

The purpose of trading resumption is to allow users to dispose of illiquid tokens. However, Do not buy any tokens because if you do, the liquidity of the DEX could again be exploited by hackers.

As mentioned earlier, on August 1st, the axlUSD/WETH pool in LeetSwap was hit by a price manipulation attack, and the loss amounted to around $620,000. Yesterday, about 400 ETH was recovered from the risk liquidity pool, and this money will be redistributed to different pools for restart.

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.

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

Leetswap Trading Restarted But User Can’t Buy Tokens

Key Points:

  • Base Leetswap’s largest DEX has reopened trading for several tokens.
  • Users can make sales but cannot buy tokens because of the risk of re-attack.
  • Previously, the exchange recovered about 400 ETH from the risk liquidity pool, and this money will be redistributed to different pools for a restart.
According to the official announcement from Leetswap, the largest DEX on the layer 2 Base platform, now DEX transactions have resumed, but users cannot buy tokens.
Leetswap Trading Restarted But User Can't Buy Tokens

Specifically, transactions have now resumed on the DEX. Users can sell those tokens affected in their hack, as their remaining liquidity cannot be rescued by white hat hackers. A URL is attached to be able to withstand more loads if the leading site fails to load.

The purpose of trading resumption is to allow users to dispose of illiquid tokens. However, Do not buy any tokens because if you do, the liquidity of the DEX could again be exploited by hackers.

As mentioned earlier, on August 1st, the axlUSD/WETH pool in LeetSwap was hit by a price manipulation attack, and the loss amounted to around $620,000. Yesterday, about 400 ETH was recovered from the risk liquidity pool, and this money will be redistributed to different pools for restart.

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.

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.