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Finance

LeetSwap Halts Trading After $630K Drained From Liquidity Pairs

Coinbase’s Layer 2 blockchain has another problem on its hands.

By Sam Reynolds
AccessTimeIconAug 1, 2023 at 4:26 a.m. UTC
Circling the drain downwards spiral (Shutterstock)
Circling the drain downwards spiral (Shutterstock)

LeetSwap says it is working with on-chain security experts to recover 340 ether (ETH) drained from its liquidity provider (LP) pairs.

A tweet from PeckShield shows that the exchange, running on Coinbase’s Layer 2 blockchain Base, has been attacked.

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    • “As our DEX is forked from Solidly, our factory had a security pause function,” LeetSwap tweeted. “We noticed that some pool liquidity might have been compromised, and we temporarily stopped the trading to investigate.”

    If you did not lock your liquidity you are free to remove it from the pools, the decentralized exchange added in a follow-up tweet.

    Data from DeFiLlama shows that the DEX peaked at a total value locked (TVL) of $41.2 million on July 31, which has since declined to $7 million as of August 1.

    This comes after BALD, a memecoin running on Base, rugpulled its users as the token's deployer removed millions of dollars worth of liquidity.

    Edited by Parikshit Mishra.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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