Level Finance, a BNB Chain-based decentralized and non-custodial perpetual market, suffered a hack on May 2. The attacker managed to steal $1.1 million in LVL tokens. The DeFi market has been hit with yet another attack, with BNB Chain-based decentralized and non-custodial perpetual market Level Finance the next victim. The team announced on Twitter on May 2 that the exploited had targeted its smart contracts to siphon the funds. Specifically, the attacker targeted the Referral Controller Contract, draining 214,000 LVL tokens. They then swapped the token for BNB tokens. Other smart contracts were unaffected, as they were isolated from this exploit. The team also offered slight comfort revealing that liquidity pools and the DAO treasury were both unaffected. It has also deployed a patch rather quickly at 12 hours in. The team also stated that they would offer a post-mortem of the attack later, which will hopefully offer some insight into what exactly happened. DeFi attacks continue to haunt the market, and in some cases, even audits weren’t enough to stop them from happening. Level finance is a decentralized and non-custodial perpetual market. Built on BNB Chain, the platform currently has a TVL of $32.5 million. Before the hack, it had a TVL of about $41 million.
Full story : Decentralized Perpetual Market Level Finance Hacked for $1.1M.
