Spartan

Hacked

DeFi · $SPARTA · born 2020 · ✝ 2021

Bad pool-share math leaked ~$30.5M on BSC.

Spartan Protocol was an automated liquidity and synthetic-asset platform on BNB Chain. In May 2021 an attacker used flash loans to exploit a flawed liquidity-share calculation, draining roughly $30.5M from its pools.

Peak: ~$30.5M stolen
Cause: Hacked
Year of death: 2021

☠️ Cause of death

The protocol mis-measured liquidity-pool shares on withdrawal, so a flash-loan-inflated balance could redeem far more than was deposited.

📓 Lessons left behind

—Compute LP share value from invariants, not spot balances.
—Flash loans turn small accounting errors into total drains.
—Audit the redemption path as hard as the deposit path.

🌱 The idea that survived

Invariant-based AMM math

Reinforced manipulation-resistant accounting for liquidity-pool share pricing.

#defi#flash-loan#amm