LEVEL FINANCE

DESCRIPTION OF EVENTS

"On-Demand Liquidity Meets Bespoke Risk Management. A Decentralized Perpetual Exchange with Functional Risk Management and Innovative Liquidity Solutions."

"Maximize Your Strategy. Manage your exposure with just 1/50th collateral. Best in kind perpetual AMM with virtually zero slippage and low fees."

"Leveraged Trading. Innovative liquidity solution for BTC, ETH, BNB, and stablecoins."

"Programmable Risk. Define your risk. Level offers an innovative user-elected credit exposure framework for liquidity providers."

"Complete Transparency. No custody, no accounts. Level is designed to be permissionless. Fully transparent open source smart contracts on BNB Chain"

"Real Yield. Revenue from trading and lending generates income natively in the cryptocurrency transacted."

"Decentralized Leadership. First of a kind user owned decentralized perpetual exchange."

"[An] attack was initially attempted over a week ago, but it seems nobody noticed."

"Yesterday, $1.1M in referral rewards were robbed from the BSC-based perps platform."

"The alarm was raised by definalist (whilst the attack was still ongoing) and confirmed two hours later by the Level Finance team."

"Luckily, the losses were contained to the project’s referral programme, with Treasury funds and LP both safe."

"The hacker dumping LVL tokens for BNB initially crashed the price by 65%, though this has mostly recovered since."

"Level Finance’s LevelReferralControllerV2 contract contained a bug which allowed for repeated referral reward claims to be processed within the same epoch."

"The exploiter prepared the attack by creating many referrals and using flash loans to make swaps, thereby increasing their reward tier."

"In total, 214k LVL tokens were drained by the exploiter, who swapped them for 3,345 BNB, worth approximately $1.1M at the time of writing. The funds currently remain in the attacker’s address."

Explore This Case Further On Our Wiki

Level Finance is a decentralized perpetual exchange that offers innovative liquidity solutions and risk management for BTC, ETH, BNB, and stablecoins. Recently, the platform suffered an attack where $1.1 million in referral rewards were stolen due to a bug in the LevelReferralControllerV2 contract, allowing for repeated reward claims to be processed. The attacker used flash loans to create referrals and increase their reward tier, draining 214k LVL tokens, which were swapped for 3,345 BNB. Losses were contained to the referral program, with Treasury funds and LP remaining safe. The funds remain in the attacker's address.

Rekt - Level Finance - REKT (May 3)
Level - Decentralized Perpetual Exchange (May 3)
@Level__Finance Twitter (May 3)
@Level__Finance Twitter (May 3)
Binance Transaction Hash (Txhash) Details | BscScan  (May 3)

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