The decentralized finance (DeFi) ecosystem was hit by yet another hack, as decentralized perpetual market Level Finance was hacked for $1.1 million by an unknown attacker.
The incident adds to a growing list of crypto and DeFi exploits that have taken place so far in 2023.
Yet Another Attack On DeFi
Level Finance disclosed the news of the attack to its followers on Twitter. According to the team at the perpetual marketplace, the attacker manipulated a “claim multiple” bug in one of Level Finance’s smart contracts. This allowed them to siphon off over 214,000 LVL tokens from the exchange, which they then swapped into BNB tokens. The exploit resulted in the loss of over $1 million to Level Finance. However, the team assured users that other smart contracts were unaffected and were isolated from the exploit in question.
The Level Finance team also stated that the liquidity pools and the DAO treasury were also unaffected and deployed a patch only 12 hours after the attack. Leve
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