Decentralized exchange (DEX) LeetSwap, a protocol native to Coinbase’s Base network, has halted its operations due to fears of a possible exploit. This follows reports that about 30 meme coins were recently rug-pulled on the Base network.
BALD, a meme token inspired by the Coinbase CEO, is the most notable of the rugged coins. According to on-chain data, the project’s developer removed 6,800 ETH ($12.5 million) from the liquidity pool on LeetSwap, causing an 85% nosedive in price.
Related Reading: Crypto World In Uproar: Is SBF The Puppet Master Of BALD?
LeetSwap Halts Trading To Investigate Potential Exploit
On Tuesday, August 1, LeetSwap announced a pause on its operations due to fears of a potential exploit. The protocol stated in a tweet that it noticed some of its liquidity pools may have been compromised and temporarily halted trading in order to investigate.
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
In another tweet, Base-native LeetSwap has disclosed that it is working with on-chain security experts in an attempt to recover locked liquidity. The decentralized exchange also told its users they may remove unlocked liquidity from the…
