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Decentralized cryptocurrency exchange LeetSwap, powered by Coinbase's Base blockchain, has announced that trading has been suspended due to a possible hack.
In a tweet, the LeetSwap team said that some of the exchange's liquidity pools may have been compromised, so the exchange's management decided to suspend trading to investigate the situation. A little later, the exchange announced that it was working with blockchain security experts to restore the blocked liquidity.
Although the LeetSwap team did not provide details, analysts have already made assumptions about possible ways to compromise liquidity pools.
Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, wrote that the hacker most likely used one of the functions in LeetSwap smart contracts, which allows you to manipulate the price of tokens in liquidity pools and withdraw wETH.
He noted that such a feature should be hidden and available only to the development team. According to Igamberdiev, the hackers managed to withdraw 342.5 ETH ($630,000). The analyst's theory was confirmed by representatives of various companies working in the field of blockchain security, including PeckShield, Beosin, BlockSec and CertiK.
Recall that the Base blockchain is a second-layer solution for the Ethereum network. Network testing began earlier this year.
In a tweet, the LeetSwap team said that some of the exchange's liquidity pools may have been compromised, so the exchange's management decided to suspend trading to investigate the situation. A little later, the exchange announced that it was working with blockchain security experts to restore the blocked liquidity.
Although the LeetSwap team did not provide details, analysts have already made assumptions about possible ways to compromise liquidity pools.
Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, wrote that the hacker most likely used one of the functions in LeetSwap smart contracts, which allows you to manipulate the price of tokens in liquidity pools and withdraw wETH.
He noted that such a feature should be hidden and available only to the development team. According to Igamberdiev, the hackers managed to withdraw 342.5 ETH ($630,000). The analyst's theory was confirmed by representatives of various companies working in the field of blockchain security, including PeckShield, Beosin, BlockSec and CertiK.
Recall that the Base blockchain is a second-layer solution for the Ethereum network. Network testing began earlier this year.
