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ID:

novo-protocol-918

Date:

Status:

Incident Count:

May 29, 2022

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

No

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Audit By:

Audits:

soken

Loss Amount:

85,000

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Recovered:

-

Rewards:

Currency:

USD, NOVO

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Binance Smart Chain

Protocol

Staking

Flash Loans

Extended Method:

Arbitrage

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Days in Operation:

243

(0.67 Years)

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Novo is the first decentralized and deflationary volume-based cryptocurrency protocol available on the Binance Smart Chain based on the NOVO token. The primary purpose of the Novo Protocol is to maintain stability and positive market-capitalization growth, not through the arbitrary and unbacked creation of new tokens or unnatural elastic supply adjustments, but by utilizing transactionary volume and implementing a myriad of mechanisms like Automatic Regenerative Liquidity (ARL), growth of Protocol Owned Liquidity (POL), and unique Price Recovery Mechanisms (PRM), all while maintaining static rewards and introducing compounded rewards through staking.

Peckshield reported that a flash loan attack was successfully executed against the project taken 279 BNB or ~$85k. The profit was funneled into Tornado.Cash.

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