Osmosis

Levana Protocol

Dogecoin

<ul>
 <li>The protocol lost 10% of its liquidity due to this occurrence, which was a major loss.</li>
 <li>A bug in the Osmosis fee market code made this scenario much worse.</li>
</ul>
An attack was found in the Levana perpetual swap protocol on the <a href="https://thenewscrypto.com/partnership-of-namada-and-osmosis-to-boost-privacy-blockchain-adoption/" target="_blank" rel="noopener noreferrer nofollow">Osmosis</a> blockchain. Someone without authorization took over $1.1 million from Levana’s liquidity pools over the course of 13 days. The protocol lost 10% of its liquidity due to this occurrence, which was a major loss.
Many factors contributed to the disaster, according to investigations. The Osmosis blockchain was subject to a congestion assault, which drastically limited user interactions with the market. A bug in the Osmosis fee market code made this scenario much worse. Gas prices for bot maintenance or transactions required to be raised during times of heavy traffic.
<h3 class="wp-block-heading" id="h-operations-temporarily-suspended">Operations Temporarily Suspended</h3>
The exploit also took advantage of the fact that <a href="https://docs.levana.finance/" target="_blank" rel="noopener noreferrer nofollow">Levana’s</a> integration with the Pyth oracle was “price staleness'”. Because of these interrelated issues, the perpetrators were able to deplete liquidity pools and influence market prices.
In spite of all this, Levana’s crew stressed that the Pyth oracle worked as planned, saying that the weak spot was in their system integration and not the oracle.
The breach has been promptly addressed by Levana. The protocol has temporarily paused the opening of new positions and revisions to existing ones. They reassure customers that the vulnerability has had no effect on their trading positions or earnings. The group’s top priorities are the protection of user assets and the rapid restoration of full operation.
The liquidity providers’ financial losses have prompted Levana to devise a two-fold compensation strategy. Along with the distribution of protocol fees collected during the assault, affected parties will also receive an <a href="https://thenewscrypto.com/airlyft-lights-up-for-the-new-year-with-10000-airdrops/" target="_blank" rel="noopener noreferrer nofollow">airdrop</a>.
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Levana Protocol Suffers $1.1M Attack, Halts Operations

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