Biggest Base DEX LeetSwap pauses trading amid exploit concerns
Decentralized exchange (DEX) LeetSwap, operating on Coinbase’s Base network, has temporarily halted trading due to concerns over a potential exploit . According to an Aug. 1 tweet from LeetSwap, the exchange detected suspicious activity in some of its liquidity pools and decided to pause trading immediately to conduct an investigation. The DEX is currently collaborating with renowned on-chain security experts to recover the locked liquidity. As our DEX is forked from Solidly, our factory had a security pause function. We noticed that some pool liquidity might have been compromised and we temporarily stopped the trading to investigate. — LeetSwap (@LeetSwap) August 1, 2023 While LeetSwap did not share specific details, blockchain analysts have shed some light on how the exploit might have occurred. According to Igor Igamberdiev, the head of research at algorithmic market maker Wintermute, the attacker likely utilized an exposed smart contract function to manip...