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ID:

spartan-protocol-361

Date:

Status:

Incident Count:

May 2, 2021

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

Certik

Loss Amount:

30,000,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Binance Smart Chain

Protocol

Contract Vulnerabilities

Extended Method:

Logic error, use slippage correction mechanism

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Days in Operation:

774

(2.12 Years)

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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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