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Levana Protocol suffered the loss of $1.1 Million worth of cryptocurrency tokens from its liquidity pools.
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It is a significant setback for the protocol, draining 10% of the reserves.
The blockchain-based Levana protocol suffered a major loss due to exploitation. The administrators of the protocol posted on X, formerly Twitter, that the exploit had drained about 10% of the reserves. The seven wallets attached to the oracle are affected. These wallets are attached to an oracle that connects to external systems, permitting them to trigger baked-on real-world inputs.
The administrators said reports on the attack suggest the attacker took advantage of congestion on the Osmosis blockchain when the market was under high stress created artificially by an exploit. It permits the hackers to make changes with prices which allows the exploit.
Reason Behind the Crypto Hack on Levana Protocol
As per Levana, a bug in the Osmosis fee market code meant that during th
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