Level Finance (LVL), a decentralized exchange, suffered a security breach that resulted in the loss of more than $1 million worth of its native token, LVL. Hackers were able to penetrate the exchange’s defenses, allowing them to steal digital assets from unsuspecting users.
As per the tweet, Level Finance revealed that a hacker had successfully stolen around 214,000 LVL tokens from its network, which amounts to considerable money. According to reports, the cybercriminal converted the stolen LVL tokens into 3,345 Binance Coins (BNB) via a cryptocurrency exchange.
This incident highlights decentralized exchanges’ potential risks and challenges regarding security and underscores the importance of robust measures to safeguard users’ assets.
Peckshield, a blockchain security firm, discovered a critical bug in the “LevelReferralControllerV2” smart contract. The flaw enabled individuals to make multiple referral claims during the same epoch, as revealed in a statement by Level Finance on Discord.
Recent data from Binance Chain Explorer, BSC Scan Controller, has revealed some exciting activity in the V2 controller smart contract. Specifically, multiple calls have been to the ‘claim multiple’ function over the past two days, indicating a surge in user activity.
Level Finance has announced its plans to deploy a new implementation of the referral contract within the next 12 hours. This decision was made after it was discovered that the agreement had not been modified since the recent attack on the platform.
By introducing a new implementation, Level Finance aims to enhance the platform’s security and integrity and restore its users’ confidence.
At the time of writing, the LVL token was experiencing a bearish sentiment, as its price had decreased by 15.51% over the past 24 hours. The LVL/USD pair was trading at $7.45, with the highest price recorded at $8.81 and the lowest at $4.18.
