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Level Finance confirms $1M exploit due to buggy smart contract

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Level Finance, a decentralized derivatives exchange, has fallen victim to an exploit that saw 214,000 native LVL tokens stolen and swapped into 3,345 BNB, worth approximately $1.01 million.

Decentralized exchange Level Finance has experienced a security breach allowing an attacker to steal more than $1 million of the exchange’s native Level Finance token.

Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin , with an approximate value of $1.01 million.- 214k LVL tokens drained to exploiters address.- Fix to be deployed in 12 Hrs.

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According to blockchain security firm Peckshield, Level Finance’s “LevelReferralControllerV2” smart contract contained a bug that allowed for “repeated referral claims” from the same epoch. This was confirmed by Level Finance in a later statement made on Discord.

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