LeetSwap

WETH

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 Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000. 
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 Decentralized exchange LeetSwap, which operates on Coinbase’S Base network has announced a sudden pause to <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>, citing <a rel="noopener noreferrer nofollow" title="concerns" href="https://thebittimes.com/tag/concerns.html">concerns</a> of a potential <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>. 
 LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and has temporarily able stopped <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> to investigate. 
 Algorithmic market maker Wintermute’s research head Igor Igamberdiev was among those sharing theories on how the <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> may have worked, saying the attacker could have used an exposed smart contract function. 
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 The function would have allowed them to undertake a series of token swaps eventually allowing them to drain liquidity pools on LeetSwap. 
 <blockquote class="twitter-tweet"> 
 It was easy: - swap a bit of WETH for X tokens (should have fees) - call _transferFeesSupportingTaxTokens(address, uint256) to move token to a Fees contract - call sync() - swap X tokens for all WETH from the pool Don't think that this function should be public GG WP pic.twitter.com/a7vXvWf0HY— Igor Igamberdiev (@FrankResearcher) August 1, 2023 
 </blockquote> 
 Igamberdiev added the potential exploit has seemingly netted the attacker 342 Ether (ETH) worth over $630,000. 
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 This is a developing story, and further information will be added as it becomes available. 
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Base’s largest DEX LeetSwap halts trading amid exploit concerns

TheBitTimes

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