Decentralized exchange LeetSwap halts trading due to potential exploit
– LeetSwap, a decentralized exchange operating on Coinbase’s Base network, has temporarily paused trading due to suspicious activity in its liquidity pools.
– The exchange is currently working with on-chain security experts to investigate the issue and recover the locked liquidity.
– Blockchain analysts believe the exploit involved manipulating the price of a token by utilizing an exposed smart contract function.
– The attacker was able to steal approximately 342.5 ETH, equivalent to over $630,000.
– LeetSwap has assured users that they are actively collaborating with security experts to find a solution and has advised users to remove their liquidity from the pools if they did not lock it.
Hot Take: Another setback for LeetSwap
It has been a challenging day for LeetSwap as they face a potential exploit and a significant drop in the value of the meme coin, Bald. The security concern raises questions about the safety and vulnerability of decentralized exchanges. While LeetSwap is actively working to recover the stolen funds and secure its platform, incidents like these highlight the importance of robust security measures in the crypto space. Traders and investors need to exercise caution and remain vigilant when participating in decentralized exchanges to mitigate the risks associated with potential exploits.
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