LeetSwap suffers exploit, ~340 ETH drained

LeetSwap, a DEX on Coinbase Layer 2 Blockchain, has suffered an exploit in some of its liquidity pools. The exchange confirming the hack mentioned it has halted trading to investigate the event. LeetSwap lost approximately 340 ETH (~630k) to the exploit.

According to the LeetSwap team, the DEX is forked from Solidly, and its factory had a security pause function.

PeckShield, a security and data analytic firm, reporting the hack mentioned that approximately 340 ETH (~630k) was drained.

Furthermore, LeetSwap assured that it is working with on-chain security experts to remedy the situation, and attempt to recover the locked liquidity.

Users on the DEX are therefore urged to remove their liquidity if it is not locked. “The devs and users can move their liquidity to a different DEX in the meantime, so people can keep on trading,” LeetSwap said.

According to data from DeFiLlama  LeetSwap’s total value locked (TVL) was $41.2 million as of July 31, but it declined to $7 million by August 1.

Before the attack, BALD, a memecoin on Coinbase’s Base, rugged its users, removing millions worth of funds.

The LeetSwap exploit occurs nine months after going live in November 2022. The exchange offers Swap, leveraging official CantoDEX stable and volatile LP liquidity, support for fee-on-transfer tokens, and farms.

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