{"investigation":{"slug":"levana-perps","entity_name":"Levana Perps","trust_score":22,"severity_base":null,"score_modifier":-10,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Levana Perps is a decentralized perpetual-swap protocol originally deployed on Osmosis (Cosmos ecosystem) and later expanded to Sei and Injective. In December 2023, the protocol suffered a confirmed oracle-manipulation exploit spanning 13 days that drained approximately $1.14 million (roughly 10% of liquidity provider funds). The protocol subsequently underwent a strategic rebrand and token migration into the Rujira (RUJI) ecosystem in 2025, effectively sunsetting the standalone LVN token.","sections":[{"content":"Levana Perps (full brand: Levana Well-Funded Perps) is a peer-to-pool perpetual-swap decentralized exchange originally built on the Osmosis blockchain within the Cosmos ecosystem. The protocol was bootstrapped by Delphi Labs and initially developed on the Terra blockchain before migrating following Terra's 2022 collapse. The name Levana is a mnemonic for 'Leverage Any Asset.' The protocol launched mainnet beta on Osmosis in July 2023 and expanded to Sei and Injective networks later that year. Its native governance and utility token is LVN, with a 1 billion token genesis supply. As of early 2026, LVN has undergone a 12-month token migration into the Rujira (RUJI) token, part of a broader merger of the Kujira and Levana ecosystems onto THORChain's application layer. The merge window closed on April 5, 2026.","heading":"Overview","sources":[{"url":"https://www.reflexivityresearch.com/free-reports/levana-finance-overview","name":"Levana Finance Overview — Reflexivity Research","type":"research","credibility":2},{"url":"https://defillama.com/protocol/levana-perps","name":"Levana Perps TVL — DefiLlama","type":"on_chain","credibility":2},{"url":"https://docs.rujira.network/understanding-rujira-history/rujira-and-levana","name":"Rujira and Levana — Rujira Docs","type":"official","credibility":2}],"severity":"low"},{"content":"Between December 13 and December 26, 2023, an unidentified attacker drained approximately $1.14 million from Levana's liquidity pools on the Osmosis blockchain, representing roughly 10% of total protocol liquidity. The attack went largely undetected for 12 days because the drain rate was slow enough that the Levana team initially attributed it to organic trading activity.\n\nThe exploit relied on three compounding vulnerabilities: (1) a bug in Osmosis's fee market code that produced insufficient gas prices during congestion, effectively preventing legitimate transactions and oracle update transactions from being processed; (2) price staleness in Levana's integration with the Pyth Network oracle, which updated approximately every 90 seconds; and (3) artificial network congestion created by the attacker to widen the window of oracle staleness. By combining these conditions, the attacker was able to submit multi-execute transactions that simultaneously opened a leveraged position and forced an oracle price update, guaranteeing profit by trading against a known-stale price.\n\nThe affected markets and approximate losses were: USDC pairs ($250,000), stATOM/USD ($241,000), ATOM/USD ($229,000), BTC/USD ($190,000), ETH/USD ($128,000), and TIA/USD ($108,000). A concurrent distributed denial-of-service (DDoS) attack ran from December 17 through December 26, reportedly hampering the team's ability to detect and respond to the exploit in real time.\n\nThe Levana team confirmed that the Pyth oracle itself behaved as designed and was not exploited directly; the vulnerability was in Levana's reliance on oracle data during congestion events combined with the Osmosis fee market bug. No attacker identity was publicly disclosed.\n\nAll existing trader positions remained unaffected. The team halted new position openings pending a patch, deployed a fix requiring fresh oracle prices for all new position opens, and committed to compensating impacted liquidity providers via a combination of an LVN airdrop and redistribution of protocol fees collected during the attack window.","heading":"December 2023 Oracle Manipulation Exploit","sources":[{"url":"https://rekt.news/levana-rekt","name":"Levana Protocol — REKT News","type":"news_article","credibility":2},{"url":"https://blog.levana.finance/levana-exploit-postmortem-df89a72cc92b","name":"Levana exploit postmortem — Levana Protocol Medium","type":"official","credibility":2},{"url":"https://www.theblock.co/post/269455/levana-protocol-exploited-osmosis","name":"Levana Protocol exploited for over $1 million on Osmosis — The Block","type":"news_article","credibility":2},{"url":"https://siliconangle.com/2023/12/28/blockchain-based-levana-protocol-exploited-1-million-crypto-hack/","name":"Blockchain-based Levana Protocol exploited for $1 million+ — SiliconANGLE","type":"news_article","credibility":2},{"url":"https://www.web3isgoinggreat.com/?id=levana-protocol-exploit","name":"Levana Protocol loses over $1.1 million in slow motion — Web3 Is Going Great","type":"news_article","credibility":2},{"url":"https://dailyhodl.com/2023/12/29/decentralized-exchange-built-on-osmosis-hit-with-oracle-attack-hacked-for-1140000-worth-of-crypto/","name":"Decentralized Exchange Built on Osmosis Hit With Oracle Attack — The Daily Hodl","type":"news_article","credibility":2}],"severity":"high"},{"content":"Prior to the December 2023 exploit, Levana underwent two formal security audits. FYEO Inc. conducted a remote security assessment between March 6 and April 13, 2023. The audit identified one critical severity finding, one medium severity finding, and two low severity findings; the Levana team reportedly remediated all findings before mainnet launch. PeckShield also conducted a separate audit of the Levana Perps contracts, the report for which was published publicly. Neither audit covered the oracle-congestion attack vector that was subsequently exploited, highlighting the limitations of static smart contract audits against dynamic infrastructure-level attack surfaces.","heading":"Security Audits","sources":[{"url":"https://medium.com/levana-protocol/levana-perps-passes-security-audit-by-fyeo-a-comprehensive-summary-of-the-audit-report-fec50fa73c18","name":"Levana Perps Passes Security Audit by FYEO — Levana Protocol Medium","type":"official","credibility":2},{"url":"https://static.levana.finance/audit-reports/levana-perps-peckshield-v1.0.pdf","name":"PeckShield Security Audit Report for Levana","type":"research","credibility":2}],"severity":"medium"},{"content":"The LVN token launched on December 18, 2023, with 70 million tokens issued at genesis out of a 1 billion total supply. The token reached an all-time high of approximately $0.8947 and, as of mid-2026, trades well below $0.01, representing a drawdown exceeding 99% from its peak. The dramatic decline corresponds to both the aftermath of the December 2023 exploit and the broader announcement of the LVN-to-RUJI token migration.\n\nIn April 2025, Levana Protocol announced a strategic merger with Kujira and related Cosmos ecosystem projects to form Rujira, an application layer on THORChain. LVN holders were given a 12-month window (April 5, 2025 to April 5, 2026) to migrate their tokens to RUJI at a bonding-curve rate that favored early conversion. Exchanges including Gate.io, Bitrue, and MEXC announced support for the swap or conducted buybacks for compliant users. Gate.io halted LVN trading on June 19, 2025. Approximately 78% of LVN supply had converted by the time the migration window closed. The merge period terminated on April 5, 2026, and unconverted LVN tokens are no longer redeemable for RUJI.","heading":"LVN Token Performance and Sunset","sources":[{"url":"https://coinmarketcap.com/currencies/levana-protocol/","name":"Levana Protocol price — CoinMarketCap","type":"other","credibility":2},{"url":"https://docs.rujira.network/understanding-rujira-history/rujira-and-levana","name":"Rujira and Levana — Rujira Docs","type":"official","credibility":2},{"url":"https://www.mexc.com/announcements/article/mexc-completes-levana-lvn-and-kujira-kuji-token-merger-to-rujira-ruji-17827791526285","name":"MEXC Completes Levana (LVN) and Kujira Token Merger to Rujira","type":"news_article","credibility":2},{"url":"https://docs.rujira.network/understanding-ruji-token","name":"Understanding RUJI Token — Rujira Docs","type":"official","credibility":2}],"severity":"medium"},{"content":"No regulatory actions from the SEC, CFTC, DOJ, or any comparable jurisdiction have been identified against Levana Protocol, its parent entities, or named founders as of the date of this investigation. The protocol does not appear to have been named in any court filings. The LVN token does not appear on OFAC's Specially Designated Nationals list. Levana's operations are structured as a decentralized protocol without a formally disclosed corporate headquarters, though early materials noted company activity in Tel Aviv, Israel.","heading":"Regulatory Status","sources":[{"url":"https://skynet.certik.com/projects/levana-protocol","name":"Levana Protocol — CertiK Skynet","type":"research","credibility":2}],"severity":"low"},{"content":"As of May 2026, the Levana Perps contracts remain deployed across Osmosis, Neutron, Injective, and Sei, with a combined TVL of approximately $735,000 according to DefiLlama. Historical on-chain perp volume exceeds $4.2 billion across all chains since inception. Active development appears to have migrated to the Rujira (RUJI) branding; RUJI Perps perpetual futures went live on the Rujira Network on July 25, 2025. The Levana brand and standalone LVN token are effectively sunset following the April 2026 migration window closure.","heading":"Current Protocol Status","sources":[{"url":"https://defillama.com/protocol/levana-perps","name":"Levana Perps TVL — DefiLlama","type":"on_chain","credibility":2},{"url":"https://messari.io/report/rujira-pulse-thorchain-s-app-layer","name":"Rujira Pulse: THORChain's App Layer — Messari","type":"research","credibility":2}],"severity":"low"}],"timeline":[{"date":"2021","event":"Levana Protocol founded; originally developed on Terra blockchain.","source":"Reflexivity Research — Levana Finance Overview","source_url":"https://www.reflexivityresearch.com/free-reports/levana-finance-overview","date_original":"2021-01-01"},{"date":"2023-03-06","event":"FYEO Inc. begins security assessment of Levana Perps contracts.","source":"Levana Protocol Medium — FYEO Audit Summary","source_url":"https://medium.com/levana-protocol/levana-perps-passes-security-audit-by-fyeo-a-comprehensive-summary-of-the-audit-report-fec50fa73c18"},{"date":"2023-07","event":"Levana launches mainnet beta on Osmosis blockchain.","source":"Reflexivity Research — Levana Finance Overview","source_url":"https://www.reflexivityresearch.com/free-reports/levana-finance-overview","date_original":"2023-07-01"},{"date":"2023-12-13","event":"Oracle manipulation exploit begins on Osmosis; attacker starts draining Levana liquidity pools.","source":"REKT News — Levana Protocol","source_url":"https://rekt.news/levana-rekt"},{"date":"2023-12-17","event":"Concurrent DDoS attack on Levana backend infrastructure begins, hampering detection and response.","source":"SiliconANGLE — Levana Protocol exploited for $1 million+","source_url":"https://siliconangle.com/2023/12/28/blockchain-based-levana-protocol-exploited-1-million-crypto-hack/"},{"date":"2023-12-18","event":"LVN token launches on mainnet with 70 million tokens issued at genesis.","source":"CoinMarketCap — Levana Protocol","source_url":"https://coinmarketcap.com/currencies/levana-protocol/"},{"date":"2023-12-26","event":"Exploit becomes visible as network congestion amplifies losses. Levana halts new position openings. Total loss confirmed at approximately $1.14 million (10% of LP funds).","source":"Web3 Is Going Great — Levana Protocol exploit","source_url":"https://www.web3isgoinggreat.com/?id=levana-protocol-exploit"},{"date":"2023-12-28","event":"Levana publishes exploit postmortem. Announces LP compensation via LVN airdrop and protocol fee redistribution. Vulnerability patched.","source":"Levana Protocol Medium — Exploit Postmortem","source_url":"https://blog.levana.finance/levana-exploit-postmortem-df89a72cc92b"},{"date":"2025-04-05","event":"Levana Protocol announces strategic merger with Kujira into Rujira (RUJI); 12-month LVN-to-RUJI token migration window opens.","source":"Rujira Docs — Rujira and Levana","source_url":"https://docs.rujira.network/understanding-rujira-history/rujira-and-levana"},{"date":"2025-06-19","event":"Gate.io halts LVN trading following Levana's announcement of the token swap to RUJI.","source":"CoinMarketCap AI — Latest Levana Protocol News","source_url":"https://coinmarketcap.com/cmc-ai/levana-protocol/latest-updates/"},{"date":"2025-07-25","event":"RUJI Perps perpetual futures go live on the Rujira Network.","source":"Rujira Docs — Understanding RUJI Token","source_url":"https://docs.rujira.network/understanding-ruji-token"},{"date":"2026-04-05","event":"LVN-to-RUJI migration window closes; unconverted LVN tokens are no longer redeemable.","source":"Rujira Docs — Understanding RUJI Token","source_url":"https://docs.rujira.network/understanding-ruji-token"}],"sources_used":[{"url":"https://rekt.news/levana-rekt","name":"Levana Protocol — REKT News","type":"news_article","archive_url":"http://web.archive.org/web/20260720155131/https://rekt.news/levana-rekt","credibility":2,"archive_timestamp":"2026-07-20T15:51:31+00:00"},{"url":"https://blog.levana.finance/levana-exploit-postmortem-df89a72cc92b","name":"Levana exploit postmortem — Levana Protocol Medium","type":"official","archive_url":null,"credibility":2,"archive_error":"error:no-job","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.theblock.co/post/269455/levana-protocol-exploited-osmosis","name":"Levana Protocol exploited for over $1 million on Osmosis — The Block","type":"news_article","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://siliconangle.com/2023/12/28/blockchain-based-levana-protocol-exploited-1-million-crypto-hack/","name":"Blockchain-based Levana Protocol exploited for $1 million+ — SiliconANGLE","type":"news_article","archive_url":"https://web.archive.org/web/20260724172735/https://siliconangle.com/2023/12/28/blockchain-based-levana-protocol-exploited-1-million-crypto-hack/","credibility":2,"archive_timestamp":"2026-07-24T17:27:35+00:00"},{"url":"https://www.web3isgoinggreat.com/?id=levana-protocol-exploit","name":"Levana Protocol loses over $1.1 million in slow motion — Web3 Is Going Great","type":"news_article","archive_url":"http://web.archive.org/web/20260213003054/https://www.web3isgoinggreat.com/?id=levana-protocol-exploit","credibility":2,"archive_timestamp":"2026-02-13T00:30:54+00:00"},{"url":"https://defillama.com/protocol/levana-perps","name":"Levana Perps TVL — DefiLlama","type":"on_chain","archive_url":"http://web.archive.org/web/20250813203623/https://defillama.com/protocol/levana-perps","credibility":2,"archive_timestamp":"2025-08-13T20:36:23+00:00"},{"url":"https://www.reflexivityresearch.com/free-reports/levana-finance-overview","name":"Levana Finance Overview — Reflexivity Research","type":"research","archive_url":"http://web.archive.org/web/20250810170807/https://www.reflexivityresearch.com/free-reports/levana-finance-overview","credibility":2,"archive_timestamp":"2025-08-10T17:08:07+00:00"},{"url":"https://medium.com/levana-protocol/levana-perps-passes-security-audit-by-fyeo-a-comprehensive-summary-of-the-audit-report-fec50fa73c18","name":"Levana Perps Passes Security Audit by FYEO — Levana Protocol Medium","type":"official","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://static.levana.finance/audit-reports/levana-perps-peckshield-v1.0.pdf","name":"PeckShield Security Audit Report for Levana","type":"research","archive_url":"https://web.archive.org/web/20260724211041/https://static.levana.finance/audit-reports/levana-perps-peckshield-v1.0.pdf","credibility":2,"archive_timestamp":"2026-07-24T21:10:41+00:00"},{"url":"https://docs.rujira.network/understanding-rujira-history/rujira-and-levana","name":"Rujira and Levana — Rujira Docs","type":"official","archive_url":"http://web.archive.org/web/20260316075841/https://docs.rujira.network/understanding-rujira-history/rujira-and-levana","credibility":2,"archive_timestamp":"2026-03-16T07:58:41+00:00"},{"url":"https://docs.rujira.network/understanding-ruji-token","name":"Understanding RUJI 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