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Defi Platform Levana Protocol Says $1.14 Million Was Lost During an 'Oracle Attack'

The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately $1.14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.”

‘Precognition Oracle Attacks’

The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or $1.14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.”

According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.”