On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The price of SPARTA token plunged 30% on Sunday as details of the attack came to light.
Spartan Protocol, a liquidity platform for synthetic assets on the Binance Smart Chain, was drained of $30 million in a coordinated attack 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 nuts and bolts of the attack center around the manipulation of flash loans, which were used to inflate the balance of the pool before burning an equivalent amount of pool tokens.
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.”
What we know so far -
— Spartan Protocol (@SpartanProtocol) May 2, 2021
*Attacker used $61m in BNB to overcome the pools via a as yet unknown economic exploit path to remove roughly $30m in funds from the pools.
Reach out if you can help identify and analyse the exploit.https://t.co/aNTvdzKOeF
CC @RektHQ @samczsun @bneiluj
Spartan Protocol’s latest update on the matter came early Sunday, where it linked followers to the PeckShield report:
Detailed analysis of the bug in Spartan Protocol v1.
— Spartan Protocol (@SpartanProtocol) May 2, 2021
Where to now?
Community fund a https://t.co/mfghq1UJjH for Spartan Protocol v2.
Rebuild the shield wall.https://t.co/s11s9rWTtA
The attack goes down as one of the single largest monetary exploits in DeFi history, according to Rekt. Only five other DeFi exploits resulted in the loss of more funds: EasyFi ($59 million), Uranium Finance ($57.2 million), Kucoin ($45 million), Alpha Finance ($37.5 million) and Meerkat Finance ($32 million).
The value of SPARTA, Spartan Protocol’s native token, plunged 30% on Sunday to $1.17. It was down over 29% in Bitcoin (BTC) comparative and 31.4% versus Ethereum (ETH).
Theft and exploitation are nothing new for the cryptocurrency community. In addition to the recent string of DeFi attacks, crypto criminals stole an estimated $1.9 billion in 2020, according to Finaria, an Italian publication. Fraud was the leading crypto-based crime, followed by theft and ransomware. The year before, in 2019, criminals made off with an estimated $4.5 billion worth of cryptocurrency.
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