A $30 million loss is the product of a Spartan Protocol hack.

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The price of the SPARTA token fell by 30% on Sunday as more information about the attack became available.

Spartan Protocol, a Binance Smart Chain liquidity network for synthetic assets, was drained of $30 million in a concerted assault on its liquidity pool late Saturday.

The exploit targeted a “flawed liquidity share calculation” in the SPARTA/WBNB liquidity pool, which enabled the attacker to withdraw the funds, blockchain security company PeckShield explained. The security expert continued:

“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 attack’s nuts and bolts revolve around the exploitation of flash loans, which were used to inflate the pool’s balance before burning an equal amount of pool tokens.

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Spartan Protocol tweeted about the exploit late Saturday, explaining that the “Attacker used $61m in BNB to overcome the pools via […] as yet unknown economic exploit path to remove roughly $30m in funds from the pools.”

Spartan Protocol’s latest update on the matter came early Sunday, where it linked followers to the PeckShield report:

According to Rekt, the attack is one of the single biggest monetary exploits in DeFi history. Just five other DeFi exploits cost more money: EasyFi ($59 million), Uranium Finance ($57.2 million), Kucoin ($45 million), Alpha Finance ($37.5 million), and Meerkat Finance ($32 million).

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On Sunday, the value of SPARTA, Spartan Protocol’s native token, fell by 30% to $1.17. It was down more than 29 percent as compared to Bitcoin (BTC) and 31.4 percent as compared to Ethereum (ETH).

The cryptocurrency ecosystem is no stranger of theft and exploitation. In addition to the latest series of DeFi attacks, Finaria, an Italian publication, estimates that crypto criminals will steal $1.9 billion in 2020. Fraud was the most common form of crypto-based crime, followed by burglary and ransomware. The previous year, in 2019, thieves stole an estimated $4.5 billion in cryptocurrencies.

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