Wednesday

Osmosis

Levana Protocol

Cosmos

<div class="dailyhodl">
 <p>A decentralized exchange (DEX) built on Osmosis (OSMO) was hacked for $1.14 million worth of crypto this week.</p>
 <p>The Levana Protocol (LVN), which focuses on perpetual swaps, announced on Wednesday that it had been hit with an oracle attack that impacted 10% of its liquidity pools (LPs).</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p>Levana says the issue has been resolved and opening positions will relaunch next week. The project notes existing liquidity pools are not at risk of further attack and says impacted LPs will be compensated via future airdrops and protocol fees that were collected during the hack.</p>
 <p>The decentralized exchange notes the exploit began on December 13th.</p>
 <p><em>“A presumed attacker was able to launch a congestion attack on the Osmosis chain to deny most Levana users the ability to interact with Levana markets for a predictable period of time, and thereby deny them the ability to update the Pyth oracle contract. A bug in the Osmosis fee market code meant that during times of congestion, the provided gas price was generally insufficient for making trades or performing ongoing bot maintenance activities. This, coupled with price staleness in Levana’s interaction with Pyth, led to the ability to perform an oracle attack and drain Levana pools roughly 10% over a 13-day period.”</em></p>
 <p>Levana began issuing its native token, LVN, a month ago. LVN is trading at $0.183 at time of writing and is down more than 34% in the past seven days.</p>
 <p>Osmosis is an automated market maker (AMM) protocol built on the Cosmos (ATOM) software development kit (SDK). It aims to enable cross-chain transactions by utilizing inter-blockchain communication (IBC).</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/decentralized-exchange-built-on-osmosis-hit-with-oracle-attack-hacked-for-1-140-000-worth-of-crypto-tbt75139.html">https://thebittimes.com/decentralized-exchange-built-on-osmosis-hit-with-oracle-attack-hacked-for-1-140-000-worth-of-crypto-tbt75139.html</a></p>

Decentralized Exchange Built on Osmosis Hit With Oracle Attack, Hacked for $1,140,000 Worth of Crypto

TheBitTimes

Other articles published on Dec 29, 2023

FUNToken has released its new roadmap. $FUN

Bitcoin is a ‘Screaming Buy’ for 2024, VanEck Says + More News

Crypto stocks ending 2023 on a sour note

Ripple XRP Plunged After Whales Send 47M Tokens to Exchanges

AVAX Price Analysis: A Detailed Look at the Market Trends

Dell Unveils AI-Driven Enhancements for Windows 11

Join our free newsletter for daily crypto updates!