Binance Smart Chain
Logic error, use slippage correction mechanism
Days in Operation:
100 pts each
The target of the accident was Spartan Protocol, a DeFi protocol for synthetic assets running on BSC. When diving into the detailed source code, we can see it is a tweaked version of the UniswapV2 protocol. Specifically, the fee mechanism is modified to incentivize liquidity providers when liquidity is scarce. As a result, users trading larger volumes are charged more fees. Almost all main assets on BSC (e.g. BNB) have corresponding UniswapV2-like pairs (e.g. WBNB-SPARTA). Similar to UniswapV2, those pairs are open for users to add/remove liquidity. For example, Alice is able to send (WBNB+SPARTA) into the WBNB-SPARTA pool and get SPT1-WBNB LP tokens back, redeemable for the underlying assets. The loss amounted to about 30 million U.S. USD.
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