Another DeFi Protocol Hacked: SPARTAN PROTOCOL 🔥

The project in the BSC network has been hacked.

One of the leading #DeFi protocols of the Binance Smart Chain ( #BSC) network has been hacked. #Spartan #Protocol , a #Uniswap #fork, announced that it was #hacked in the V1 pool.

🔥Attack on Spartan Protocol
The team made a statement on the subject, after emphasizing that they were examining the situation, and asked the community for help in understanding the situation. Famous blockchain researcher Wu Blockchain stated in a statement on the subject that the Binance crypto currency exchange has also begun to examine the situation. The hacking of Spartan Protocol, seen as BSC's #Synthetix-like project, also reduces trust in BSC.

Spartan Protocol, which managed to log into Binanc in September 2020 and was listed, stated in a statement on the subject that it will cooperate with Binance to find the stolen funds. It seems that an attacker carried out a Flash Loan attack using $ 61 million BNB. This attack can usually be done through the cryptocurrency loan withdrawal method by depositing large funds from another protocol.

$ 30 Million Loss on Binance Smart Chain
After $ 61 million was invested in the Binance Smart Chain-based project, $ 30 million of funds were withdrawn. PeckShield, on the other hand, stated that this was the first Flash Loan attack on Binance Smart Chain. The hacker provides a large amount of fund input for the price to change significantly in this attack, changing the credit values ​​and withdrawing the liquidity in the protocol's pool.

The attack method of the attacker may proceed as follows:

🔥The attacker primarily attracted 10,000 WBNB loans through PancakeSwap.
Later, the attacker, who turned the WBNBs into SPARTA tokens and did it 5 times, added these tokens to the liquidity pools and received 933.351 SpartanPoolV1 Wrapped BNB (SPT1-WBNB) liquidity tokens.
Bund then repeated the same technique 10 times, the attacker transferred all SPARTA tokens to the liquidity pool and artificially raised the price.
The hacker burned 933,351 SPT1-WBNB tokens and earned 9,000 #WBNB during the process because the price of #SPARTA went up incredibly.
The hacker recently paid back PancakeSwap and made a substantial profit.
This method was used for the first time in the Binance Smart Chain network after the Ethereum network, and it drew reaction.