Spartan Protocol Hack - Revision history

Azoundria at 23:49, 2 May 2023

2023-05-02T23:49:26Z

← Older revision		Revision as of 17:49, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Spartanprotocol.jpg\|thumb\|Spartan Protocol]]Spartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case.		[[File:Spartanprotocol.jpg\|thumb\|Spartan Protocol]]Spartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case.
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	It appears that the Spartan community has plans forward to rebuild through a new token, with the old tokens swapped one for one with the new tokens.		It appears that the Spartan community has plans forward to rebuild through a new token, with the old tokens swapped one for one with the new tokens.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="halborn-511" /><ref name="benzinga-512" /><ref name="rekt-513" /><ref name="coingape-514" /><ref name="cryptopotato-515" /><ref name="btcmanager-516" /><ref name="frankresearchertwitter-517" /><ref name="yahoofinance-518" /><ref name="stockhead-519" /><ref name="spartanprotocolmedium-520" /><ref name="spartanprotocolmedium-521" /><ref name="slowmisthacked-678" /><ref name="openblocksecgithub-2342" /><ref name="peckshield94632medium-2366" /><ref name="frankresearchertwitter-2367" /><ref name="originprotocolgithub-2368" /><ref name="certik-1251" />
	<ref name="halborn-511" /><ref name="benzinga-512" /><ref name="rekt-513" /><ref name="coingape-514" /><ref name="cryptopotato-515" /><ref name="btcmanager-516" /><ref name="frankresearchertwitter-517" /><ref name="yahoofinance-518" /><ref name="stockhead-519" /><ref name="spartanprotocolmedium-520" /><ref name="spartanprotocolmedium-521" /><ref name="slowmisthacked-678" /><ref name="openblocksecgithub-2342" /><ref name="peckshield94632medium-2366" /><ref name="frankresearchertwitter-2367" /><ref name="originprotocolgithub-2368" /><ref name="certik-1251" />

	== About Spartan Protocol ==		== About Spartan Protocol ==
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	!Description		!Description
	\|-		\|-
	\|May 1st, 2021 ~~12:00:00 AM~~		\|May 1st, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
	== Prevention Policies ==
	Decentralized smart contracts operate like hot wallets in that they are online systems which are directly connected with the ability to send tokens.		Decentralized smart contracts operate like hot wallets in that they are online systems which are directly connected with the ability to send tokens.

	These do not guarantee the security of funds. A more secure setup would use a multi-signature wallet with keys stored offline. This is, of course, a different model from the standard decentralized one.		These do not guarantee the security of funds. A more secure setup would use a multi-signature wallet with keys stored offline. This is, of course, a different model from the standard decentralized one.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="halborn-511">[https://halborn.com/explained-the-spartan-protocol-hack-may-2021/ Explained: The Spartan Protocol Hack (May 2021) - Halborn] (May 10, 2021)</ref>		<references><ref name="halborn-511">[https://halborn.com/explained-the-spartan-protocol-hack-may-2021/ Explained: The Spartan Protocol Hack (May 2021) - Halborn] (May 11, 2021)</ref>

	<ref name="benzinga-512">[https://www.benzinga.com/markets/cryptocurrency/21/05/20909436/another-day-another-defi-hack-spartan-protocol-exploited-for-over-30m Another Day Another DeFi Hack: Spartan Protocol Exploited For Over $30M \| Benzinga] (May 12, 2021)</ref>		<ref name="benzinga-512">[https://www.benzinga.com/markets/cryptocurrency/21/05/20909436/another-day-another-defi-hack-spartan-protocol-exploited-for-over-30m Another Day Another DeFi Hack: Spartan Protocol Exploited For Over $30M \| Benzinga] (May 13, 2021)</ref>

	<ref name="rekt-513">[https://rekt.news/leaderboard/ Rekt - Leaderboard] (May 12, 2021)</ref>		<ref name="rekt-513">[https://rekt.news/leaderboard/ Rekt - Leaderboard] (May 13, 2021)</ref>

	<ref name="coingape-514">[https://coingape.com/flash-loan-attack-on-binance-smart-chain-30-million-stolen-from-spartan-protocol-using-bnb/ Flash Loan Attack on Binance Smart Chain, $30 Million Stolen From Spartan Protocol Using BNB] (May 12, 2021)</ref>		<ref name="coingape-514">[https://coingape.com/flash-loan-attack-on-binance-smart-chain-30-million-stolen-from-spartan-protocol-using-bnb/ Flash Loan Attack on Binance Smart Chain, $30 Million Stolen From Spartan Protocol Using BNB] (May 13, 2021)</ref>

	<ref name="cryptopotato-515">[https://cryptopotato.com/spartn-protocol-on-binance-smart-chain-bsc-exploited-30-million-stolen/ Spartan Protocol on Binance Smart Chain (BSC) Exploited: $30 Million Stolen] (May 12, 2021)</ref>		<ref name="cryptopotato-515">[https://cryptopotato.com/spartn-protocol-on-binance-smart-chain-bsc-exploited-30-million-stolen/ Spartan Protocol on Binance Smart Chain (BSC) Exploited: $30 Million Stolen] (May 13, 2021)</ref>

	<ref name="btcmanager-516">[https://btcmanager.com/hacker-spartan-protocol-pools-losses-30-million/ Hacker Infiltrates Spartan Protocol Pools Causing Losses Worth $30 Million \| BTCMANAGER] (May 12, 2021)</ref>		<ref name="btcmanager-516">[https://btcmanager.com/hacker-spartan-protocol-pools-losses-30-million/ Hacker Infiltrates Spartan Protocol Pools Causing Losses Worth $30 Million \| BTCMANAGER] (May 13, 2021)</ref>

	<ref name="frankresearchertwitter-517">[https://twitter.com/FrankResearcher/status/1388848799368441862 @FrankResearcher Twitter] (May 13, 2021)</ref>		<ref name="frankresearchertwitter-517">[https://twitter.com/FrankResearcher/status/1388848799368441862 @FrankResearcher Twitter] (May 14, 2021)</ref>

	<ref name="yahoofinance-518">[https://finance.yahoo.com/news/spartan-defi-suffers-30m-loss-050100542.html Spartan DeFi Suffers $30M Loss in BSC Flash Loan Attack] (May 13, 2021)</ref>		<ref name="yahoofinance-518">[https://finance.yahoo.com/news/spartan-defi-suffers-30m-loss-050100542.html Spartan DeFi Suffers $30M Loss in BSC Flash Loan Attack] (May 14, 2021)</ref>

	<ref name="stockhead-519">[https://stockhead.com.au/cryptocurrency/spartan-protocol-hacked-39-million-stolen/ Spartan Protocol hacked, $39 million stolen - Stockhead] (May 13, 2021)</ref>		<ref name="stockhead-519">[https://stockhead.com.au/cryptocurrency/spartan-protocol-hacked-39-million-stolen/ Spartan Protocol hacked, $39 million stolen - Stockhead] (May 14, 2021)</ref>

	<ref name="spartanprotocolmedium-520">[https://spartanprotocol.medium.com/rebuilding-spartan-protocol-25a2901e4637 Rebuilding Spartan Protocol] (May 13, 2021)</ref>		<ref name="spartanprotocolmedium-520">[https://spartanprotocol.medium.com/rebuilding-spartan-protocol-25a2901e4637 Rebuilding Spartan Protocol] (May 14, 2021)</ref>

	<ref name="spartanprotocolmedium-521">[https://spartanprotocol.medium.com/today-spartan-protocol-was-subject-to-an-exploit-targeting-the-liquidity-pools-8589b2069cef Today Spartan Protocol Was Subject To An Exploit Targeting The Liquidity Pools] (May 13, 2021)</ref>		<ref name="spartanprotocolmedium-521">[https://spartanprotocol.medium.com/today-spartan-protocol-was-subject-to-an-exploit-targeting-the-liquidity-pools-8589b2069cef Today Spartan Protocol Was Subject To An Exploit Targeting The Liquidity Pools] (May 14, 2021)</ref>

	<ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>		<ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 18, 2021)</ref>

	<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10, 2021)</ref>		<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 11, 2021)</ref>

	<ref name="peckshield94632medium-2366">[https://peckshield-94632.medium.com/the-spartan-incident-root-cause-analysis-b14135d3415f The Spartan Incident: Root Cause Analysis \| by PeckShield Inc. \| Medium] (Aug 10, 2021)</ref>		<ref name="peckshield94632medium-2366">[https://peckshield-94632.medium.com/the-spartan-incident-root-cause-analysis-b14135d3415f The Spartan Incident: Root Cause Analysis \| by PeckShield Inc. \| Medium] (Aug 11, 2021)</ref>

	<ref name="frankresearchertwitter-2367">[https://twitter.com/frankresearcher/status/1388860919694782466 @frankresearcher Twitter] (Aug 10, 2021)</ref>		<ref name="frankresearchertwitter-2367">[https://twitter.com/frankresearcher/status/1388860919694782466 @frankresearcher Twitter] (Aug 11, 2021)</ref>

	<ref name="originprotocolgithub-2368">[https://github.com/OriginProtocol/security/blob/master/incidents/2021-05-02-Spartan-Pool.md security/2021-05-02-Spartan-Pool.md at master · OriginProtocol/security · GitHub] (Aug 10, 2021)</ref>		<ref name="originprotocolgithub-2368">[https://github.com/OriginProtocol/security/blob/master/incidents/2021-05-02-Spartan-Pool.md security/2021-05-02-Spartan-Pool.md at master · OriginProtocol/security · GitHub] (Aug 11, 2021)</ref>

	<ref name="certik-1251">[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (~~May 31~~, 2021)</ref></references>		<ref name="certik-1251">[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (Jun 1, 2021)</ref></references>

Azoundria at 23:51, 18 February 2023

2023-02-18T23:51:15Z

← Older revision		Revision as of 17:51, 18 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}}
			{{Unattributed Citations}}

	[[File:Spartanprotocol.jpg\|thumb\|Spartan Protocol]]Spartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case.		[[File:Spartanprotocol.jpg\|thumb\|Spartan Protocol]]Spartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case.
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	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="halborn-511" /><ref name="benzinga-512" /><ref name="rekt-513" /><ref name="coingape-514" /><ref name="cryptopotato-515" /><ref name="btcmanager-516" /><ref name="frankresearchertwitter-517" /><ref name="yahoofinance-518" /><ref name="stockhead-519" /><ref name="spartanprotocolmedium-520" /><ref name="spartanprotocolmedium-521" /><ref name="slowmisthacked-678" /><ref name="openblocksecgithub-2342" /><ref name="peckshield94632medium-2366" /><ref name="frankresearchertwitter-2367" /><ref name="originprotocolgithub-2368" /><ref name="certik-1251" />

	== About Spartan Protocol ==		== About Spartan Protocol ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|May 1st, 2021 12:00:00 AM		\|May 1st, 2021 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $30,500,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://halborn.com/explained-the-spartan-protocol-hack-may-2021/ Explained: The Spartan Protocol Hack (May 2021) - Halborn] (May 10)		<references><ref name="halborn-511">[https://halborn.com/explained-the-spartan-protocol-hack-may-2021/ Explained: The Spartan Protocol Hack (May 2021) - Halborn] (May 10, 2021)</ref>

	[https://www.benzinga.com/markets/cryptocurrency/21/05/20909436/another-day-another-defi-hack-spartan-protocol-exploited-for-over-30m Another Day Another DeFi Hack: Spartan Protocol Exploited For Over $30M \| Benzinga] (May 12)		<ref name="benzinga-512">[https://www.benzinga.com/markets/cryptocurrency/21/05/20909436/another-day-another-defi-hack-spartan-protocol-exploited-for-over-30m Another Day Another DeFi Hack: Spartan Protocol Exploited For Over $30M \| Benzinga] (May 12, 2021)</ref>

	[https://rekt.news/leaderboard/ Rekt - Leaderboard] (May 12)		<ref name="rekt-513">[https://rekt.news/leaderboard/ Rekt - Leaderboard] (May 12, 2021)</ref>

	[https://coingape.com/flash-loan-attack-on-binance-smart-chain-30-million-stolen-from-spartan-protocol-using-bnb/ Flash Loan Attack on Binance Smart Chain, $30 Million Stolen From Spartan Protocol Using BNB] (May 12)		<ref name="coingape-514">[https://coingape.com/flash-loan-attack-on-binance-smart-chain-30-million-stolen-from-spartan-protocol-using-bnb/ Flash Loan Attack on Binance Smart Chain, $30 Million Stolen From Spartan Protocol Using BNB] (May 12, 2021)</ref>

	[https://cryptopotato.com/spartn-protocol-on-binance-smart-chain-bsc-exploited-30-million-stolen/ Spartan Protocol on Binance Smart Chain (BSC) Exploited: $30 Million Stolen] (May 12)		<ref name="cryptopotato-515">[https://cryptopotato.com/spartn-protocol-on-binance-smart-chain-bsc-exploited-30-million-stolen/ Spartan Protocol on Binance Smart Chain (BSC) Exploited: $30 Million Stolen] (May 12, 2021)</ref>

	[https://btcmanager.com/hacker-spartan-protocol-pools-losses-30-million/ Hacker Infiltrates Spartan Protocol Pools Causing Losses Worth $30 Million \| BTCMANAGER] (May 12)		<ref name="btcmanager-516">[https://btcmanager.com/hacker-spartan-protocol-pools-losses-30-million/ Hacker Infiltrates Spartan Protocol Pools Causing Losses Worth $30 Million \| BTCMANAGER] (May 12, 2021)</ref>

	[https://twitter.com/FrankResearcher/status/1388848799368441862 @FrankResearcher Twitter] (May 13)		<ref name="frankresearchertwitter-517">[https://twitter.com/FrankResearcher/status/1388848799368441862 @FrankResearcher Twitter] (May 13, 2021)</ref>

	[https://finance.yahoo.com/news/spartan-defi-suffers-30m-loss-050100542.html Spartan DeFi Suffers $30M Loss in BSC Flash Loan Attack] (May 13)		<ref name="yahoofinance-518">[https://finance.yahoo.com/news/spartan-defi-suffers-30m-loss-050100542.html Spartan DeFi Suffers $30M Loss in BSC Flash Loan Attack] (May 13, 2021)</ref>

	[https://stockhead.com.au/cryptocurrency/spartan-protocol-hacked-39-million-stolen/ Spartan Protocol hacked, $39 million stolen - Stockhead] (May 13)		<ref name="stockhead-519">[https://stockhead.com.au/cryptocurrency/spartan-protocol-hacked-39-million-stolen/ Spartan Protocol hacked, $39 million stolen - Stockhead] (May 13, 2021)</ref>

	[https://spartanprotocol.medium.com/rebuilding-spartan-protocol-25a2901e4637 Rebuilding Spartan Protocol] (May 13)		<ref name="spartanprotocolmedium-520">[https://spartanprotocol.medium.com/rebuilding-spartan-protocol-25a2901e4637 Rebuilding Spartan Protocol] (May 13, 2021)</ref>

	[https://spartanprotocol.medium.com/today-spartan-protocol-was-subject-to-an-exploit-targeting-the-liquidity-pools-8589b2069cef Today Spartan Protocol Was Subject To An Exploit Targeting The Liquidity Pools] (May 13)		<ref name="spartanprotocolmedium-521">[https://spartanprotocol.medium.com/today-spartan-protocol-was-subject-to-an-exploit-targeting-the-liquidity-pools-8589b2069cef Today Spartan Protocol Was Subject To An Exploit Targeting The Liquidity Pools] (May 13, 2021)</ref>

	[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)		<ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>

	[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10)		<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10, 2021)</ref>

	[https://peckshield-94632.medium.com/the-spartan-incident-root-cause-analysis-b14135d3415f The Spartan Incident: Root Cause Analysis \| by PeckShield Inc. \| Medium] (Aug 10)		<ref name="peckshield94632medium-2366">[https://peckshield-94632.medium.com/the-spartan-incident-root-cause-analysis-b14135d3415f The Spartan Incident: Root Cause Analysis \| by PeckShield Inc. \| Medium] (Aug 10, 2021)</ref>

	[https://twitter.com/frankresearcher/status/1388860919694782466 @frankresearcher Twitter] (Aug 10)		<ref name="frankresearchertwitter-2367">[https://twitter.com/frankresearcher/status/1388860919694782466 @frankresearcher Twitter] (Aug 10, 2021)</ref>

	[https://github.com/OriginProtocol/security/blob/master/incidents/2021-05-02-Spartan-Pool.md security/2021-05-02-Spartan-Pool.md at master · OriginProtocol/security · GitHub] (Aug 10)		<ref name="originprotocolgithub-2368">[https://github.com/OriginProtocol/security/blob/master/incidents/2021-05-02-Spartan-Pool.md security/2021-05-02-Spartan-Pool.md at master · OriginProtocol/security · GitHub] (Aug 10, 2021)</ref>

	[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (May 31)		<ref name="certik-1251">[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (May 31, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}} Spartan ProtocolSpartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case. It appears that the Spartan community has plans forward to rebuild through a new token, with the old tokens swapped one for one with the new tokens. This is a global/international case not..."

2023-01-26T05:45:37Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}} thumb|Spartan ProtocolSpartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case. It appears that the Spartan community has plans forward to rebuild through a new token, with the old tokens swapped one for one with the new tokens. This is a global/international case not..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/spartanprotocolhack.php}}

[[File:Spartanprotocol.jpg|thumb|Spartan Protocol]]Spartan Protocol is yet another audited smart contract that did something stupid. A lot of people lost a lot of money in this case.

It appears that the Spartan community has plans forward to rebuild through a new token, with the old tokens swapped one for one with the new tokens.

This is a global/international case not involving a specific country.

== About Spartan Protocol ==
"Spartan Protocol operates as a community-driven project with a broader number of contributors. The platform is home to various functionalities such as granting liquidity to assets, developing lending markets, and synthetic assets." "Similar to the Ethereum-based Synthetix, the Spartan project aimed to create synthetic tradeable assets that reflect the value of other assets." "The Spartan Contracts were fully audited by Certik prior to launch, along with the usual ongoing code reviews, so this is an unfortunate reminder that there are no 100% safeguards."

"A bug in Spartan Protocol’s code used current balances instead of cached balances (like Uniswap does) in order to calculate the value of LP tokens. This allowed an LP token to break up into more composite tokens than is correct since the pricing received by the protocol was incorrect." "The exploit was possible because Spartan used current balances instead of cached balances (like Uniswap) to calculate LP tokens value."

"The hack emerges from a miscalculation of the liquidity shares whereby a digital token in a pool is burnt to obtain the specific asset. In essence, the perpetrator intends to acquire a massive amount of assets by increasing the pool’s asset value before burning a similar amount of pool tokens." “In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets. The consequence of this attack results in more than $30M loss from the affected pool.”

"The Spartan Protocol tweeted about the exploit four hours after it took place, by which time the hackers had already withdrawn part of his profit using Anyswap." “This suggests that the attacker chose a perfect time, which did not allow the team to react in time” "Spartan Protocol claims to have ‘no investors, no team tokens, and no treasury,’ stating that the team’s personal funds were backstopping liquidity in the protocol and that those funds were stolen as well. They are currently working on rebuilding from the ground up, claiming that they will ‘rebuild the shield wall’ free of bugs or exploitable code." "In keeping with the Spartan theme; we may be bloodied but we are not beaten and are very far from out of this fight."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Spartan Protocol Hack
!Date
!Event
!Description
|-
|May 1st, 2021 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Decentralized smart contracts operate like hot wallets in that they are online systems which are directly connected with the ability to send tokens.

These do not guarantee the security of funds. A more secure setup would use a multi-signature wallet with keys stored offline. This is, of course, a different model from the standard decentralized one.

== References ==
[https://halborn.com/explained-the-spartan-protocol-hack-may-2021/ Explained: The Spartan Protocol Hack (May 2021) - Halborn] (May 10)

[https://www.benzinga.com/markets/cryptocurrency/21/05/20909436/another-day-another-defi-hack-spartan-protocol-exploited-for-over-30m Another Day Another DeFi Hack: Spartan Protocol Exploited For Over $30M | Benzinga] (May 12)

[https://rekt.news/leaderboard/ Rekt - Leaderboard] (May 12)

[https://coingape.com/flash-loan-attack-on-binance-smart-chain-30-million-stolen-from-spartan-protocol-using-bnb/ Flash Loan Attack on Binance Smart Chain, $30 Million Stolen From Spartan Protocol Using BNB] (May 12)

[https://cryptopotato.com/spartn-protocol-on-binance-smart-chain-bsc-exploited-30-million-stolen/ Spartan Protocol on Binance Smart Chain (BSC) Exploited: $30 Million Stolen] (May 12)

[https://btcmanager.com/hacker-spartan-protocol-pools-losses-30-million/ Hacker Infiltrates Spartan Protocol Pools Causing Losses Worth $30 Million | BTCMANAGER] (May 12)

[https://twitter.com/FrankResearcher/status/1388848799368441862 @FrankResearcher Twitter] (May 13)

[https://finance.yahoo.com/news/spartan-defi-suffers-30m-loss-050100542.html Spartan DeFi Suffers $30M Loss in BSC Flash Loan Attack] (May 13)

[https://stockhead.com.au/cryptocurrency/spartan-protocol-hacked-39-million-stolen/ Spartan Protocol hacked, $39 million stolen - Stockhead] (May 13)

[https://spartanprotocol.medium.com/rebuilding-spartan-protocol-25a2901e4637 Rebuilding Spartan Protocol] (May 13)

[https://spartanprotocol.medium.com/today-spartan-protocol-was-subject-to-an-exploit-targeting-the-liquidity-pools-8589b2069cef Today Spartan Protocol Was Subject To An Exploit Targeting The Liquidity Pools] (May 13)

[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)

[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10)

[https://peckshield-94632.medium.com/the-spartan-incident-root-cause-analysis-b14135d3415f The Spartan Incident: Root Cause Analysis | by PeckShield Inc. | Medium] (Aug 10)

[https://twitter.com/frankresearcher/status/1388860919694782466 @frankresearcher Twitter] (Aug 10)

[https://github.com/OriginProtocol/security/blob/master/incidents/2021-05-02-Spartan-Pool.md security/2021-05-02-Spartan-Pool.md at master · OriginProtocol/security · GitHub] (Aug 10)

[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (May 31)