Hackers have stolen $1.1M from crypto exchange platform Level Finance after hitting the company with a cyberattack.
Level Finance is based in Russia.
Hackers exploited a Level Finance smart contract vulnerability to drain 214,000 LVL tokens from the decentralized exchange and swapped them for 3,345 BNB, worth approximately $1,100,000.
- The hackers managed to access the exchange's hot wallet, which holds funds used for trading purposes.
- It was later discovered that the exchange had previously undergone two security audits, which failed to identify the vulnerabilities that led to the breach.
- The exchange has suspended all trading and withdrawals as it investigates the breach and works to improve its security measures.
- The two audits took place in 2023, and it is unclear if the vulnerable function was audited or added afterward.
