Spartan Protocol V1 Pools Running Up To Nearly $ 30 Million, Here's What We Know So Far

Earlier today, the Spartan Protocol tweeted that a hacker was taking advantage of V1 repositories. The team ensured that they were aware of the problem and were investigating the abuse. They also sought help from their community. "Exploited Spartan Pools v1 – Aware and Investigating Team." The famous blockchain reporter "Wu Blockchain" emphasized that Binance was involved in the investigation, stating that: "BSC's first Synthetix impersonation project was hacked and landed on the Binance Exchange in September 2020. Spartan Protocol Apparently Said Teaming with Binance One Attacker, Binance Used $ 61 Million in BNB to Initiate a Flash Loan Attack on its Smart Chain and Siphon $ 30 Million from Spartan Pool Funds. According to PeckShield, this is the first true Flash lending attack on the Binance Smart Chain, causing hacker price fluctuations and profiting from it. A summary of how the attack evolved, detailed in a report shared by Wu Blockchain.First, the hacker borrowed 10,000 WBNB from PancakeSwap. After that, the aggressive, vulnerable exchange pool ten times more WBNB. He repeated the same technique to convert it to SPARTA. Now the attacker has transferred all the SPARTA tokens he has and locked them into a pool of cash to artificially inflate the price. The hacker then burned 933,351 SPT1-WBNB tokens. During this period, the hacker made a profit of 9,000 WBNB; Finally, the hacker injected the pool tokens obtained in the fourth step above to provide liquidity and then started the burning mechanism to get just over 2,643,882.

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