November 8, 2024

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Level Finance confirms $1M exploit due to buggy smart contract

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Level Finance confirms M exploit due to buggy smart contract

Decentralized exchange Level Finance has experienced a security breach allowing an attacker to steal more than $1 million of the exchange’s native Level Finance (LVL) token. 

Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin (BNB), with an approximate value of $1.01 million. 

According to blockchain security firm Peckshield, Level Finance’s “LevelReferralControllerV2” smart contract contained a bug that allowed for “repeated referral claims” from the same epoch. This was confirmed by Level Finance in a later statement made on Discord.

Meanwhile,