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Exploit on LeetSwap Leads to Loss of $624K Due to Price Manipulation

Published 01/08/2023, 14:37
Updated 01/08/2023, 14:45
Exploit on LeetSwap Leads to Loss of $624K Due to Price Manipulation

  • LeetSwap has been exploited, resulting in a loss of $624,300, confirmed CertiK alert.

  • Exploiter manipulated the price through vulnerable LP contract functions, causing the attack, as per security firms.

  • Wintermute’s Igor Igamberdiev explained the exploit’s details, calling for function privacy.

Operation on Coinbase’s base network, decentralized exchange LeetSwap has reportedly been exploited, claiming a loss of about 342.5 ETH, or roughly $626K+. According to crypto sleuth CertiK Alert, the attacker manipulated the price by invoking a vulnerable function on the Liquidity Provider (LP) contract, transferring tokens to a fee address, and then effortlessly purchasing all the WETH tokens.

Wintermute’s head of research, Igor Igamberdiev, explained how the exploiter managed to manipulate the price effortlessly in detail. First, they conducted a small swap of WETH for X tokens, ensuring that fees were incurred during the tran…

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The post Exploit on LeetSwap Leads to Loss of $624K Due to Price Manipulation appeared first on Coin Edition.

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