Binance Smart Chain’s Spartan Protocol Loses $30M+ in a “Yet Unknown Economic Exploit”

According to On-chain analysis and security startup Peckshied, Spartan Protocol losses over $30m in “a flawed liquidity share calculation” in its protocol. The post reads; 

“In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets,” the post read.

Also through their official Twitter handle, the Spartan Protocol, which first reported the incident around 12:21 AM UTC May 2 said; “What we know so far – attacker used $61 million in BNB to overcome the pools via an [n] as yet unknown economic exploit path to remove roughly $3 million in funds from the pools,” 

As the platform’s official handle confirmed the exploit is yet an “unknown economic exploit,” users like a Twitter user named @zonesXBT are asking for experts to help find solutions. On the other hand, some others quantify the attack as a massive outflow, questioning how attackers have access to a whopping $61m. 

The Spartan’s protocol attack came just a few days after Uranium Finance, a similar Binance Smart Chains Protocol. Uranium lost more than $50 million in an exploit on April 28 from a similar attack while Spartan lost $30m, making them the second and sixth largest monetary exploits in Defi history, according to Rekt. The report shows the uranium is coming after EasyFi’s $59 million.