Levyathan Falls Casualty to Unlimited Mint Exploit Despite CertiK Audit

The LEV Token has had a meteoric downfall and concern has found itself on the premier audit company, CertiK.

By
Dardania Havolli
on
July 30, 2021
Category:
BSC News

Unlimited Inflation

A Smart Contract flaw has seen Levyathan mint limitless tokens and endure a cataclysmic price drop. 

Leviathan’s (LEV) token price fell from $0.15 to an unthinkable $0.00000147 at the time of writing according to CoinGecko data.

Upon checking wallet activity it has become clear that there has been a considerable breach that has seen the loss of over $100,000k for investors. With the current total supply standing at an alarming 100,000,000,000,000,000,016,620,942.467, there is ample cause for concern. 

"The hacker mined the LEV and dumped the LEV stated the Levyathan spokes person in a Telegram Interview. He explained a bit further that "A technical flaw also put the money in the indices at risk."

This exploit has allowed a bad-actor to create and sell an unlimited number of LEV tokens. This ultimately drove the token price down 99%. The team has stated that an official medium article will be released Sunday to address the exploit and how to move forward.

This massive security flaw was present regardless of an industry leading security audit from CertiK.

(Source CoinGecko)


Certik Also Comes Under Criticism After Vouching For Levyathan (LEV)

Self-dubbed through their mission statement on Twitter, CertiK states they provide ‘Centralized Security Solutions: Best-in-class technologies from academia to enterprise to ensure the correctness and security of your blockchain projects.’ 

Certik had garnered a reputation for identifying solid projects and carrying out effective security assessments. 

The latest security assessment focusing on Levyathan coming just weeks ago, identified that although Levyathan had 18 total issues, none of them were ‘Critical’.

(Source)

The responses on social media have understandably been sore as people rued their losses and ridiculed Certik’s prior assessment. 

(Source)

@Rogerclu spoke of his own considerable loss and even underlined that the project had been personally vouched for. We have been covering multiple exploits of late and it seems even projects with good intentions are suffering. 

We reached out to the team at Levyathan who notified us that index funds were still safe in the contracts and that they were doing all they could to investigate the matter further. 

We look forward to their findings and further response. 

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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