Share this article
LeetSwap Halts Trading After $630K Drained From Liquidity Pairs
Coinbase’s Layer 2 blockchain has another problem on its hands.
Aug 1, 2023, 4:26 a.m.
Make us preferred on Google
LeetSwap says it is working with on-chain security experts to recover 340 ether drained from its liquidity provider (LP) pairs.
A tweet from PeckShield shows that the exchange, running on Coinbase’s Layer 2 blockchain Base, has been attacked.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
#PeckShieldAlert Our community contributor has reported that LP pairs on #Base have been exploited for approximately 340 ETH (~$630K). https://t.co/U1nGmuwSGj pic.twitter.com/1dcXHZdbth
— PeckShieldAlert (@PeckShieldAlert) August 1, 2023
“As our DEX is forked from Solidly, our factory had a security pause function,” LeetSwap tweeted. “We noticed that some pool liquidity might have been compromised, and we temporarily stopped the trading to investigate.”
If you did not lock your liquidity you are free to remove it from the pools, the decentralized exchange added in a follow-up tweet.
Data from DeFiLlama shows that the DEX peaked at a total value locked (TVL) of $41.2 million on July 31, which has since declined to $7 million as of August 1.
This comes after BALD, a memecoin running on Base, rugpulled its users as the token's deployer removed millions of dollars worth of liquidity.
Mais para você
UK appoints HSBC for blockchain bond pilot
The Treasury appointed banking giant and law firm Ashurst to steer its digital gilt trial this year as Britain plays catch-up to Hong Kong and Luxembourg.
O que saber:
- The pilot will run inside the Bank of England's "digital sandbox," allowing the tokenized government bond to be tested under relaxed regulatory rules before any permanent market structure changes.
- The banking giant has already orchestrated over $3.5 billion in digital bond issuances through its proprietary Orion system, including Hong Kong's $1.3 billion green bond — one of the largest tokenized debt sales to date.
- Industry experts note that even if the pilot succeeds, full-scale adoption of digital gilts will need new laws and clarified tax treatment before becoming a standard feature of UK debt markets.
Top Stories
