Summary
LeetSwap was a decentralized exchange (DEX) launched on Coinbase's Base Layer 2 network in mid-2023 and briefly held the position of the network's largest DEX by trading volume and total value locked. On August 1, 2023, shortly after Base's mainnet opened to all users, an attacker exploited a publicly exposed smart contract function to drain approximately 342 ETH (~$630,000) from multiple liquidity pools. The protocol halted trading, partially recovered funds through white-hat rescue operations, and has since operated at a fraction of its pre-exploit TVL, with no public audit ever confirmed prior to the incident.
Connected Entities
1 entitiesTimeline(12 events)
2023-02-01
LeetSwap contracts initially built and deployed on Canto blockchain during a monthly hackathon.
2023-07-13
Coinbase opens Base mainnet to builders; LeetSwap deploys on Base and begins accumulating TVL.
2023-07-30
BALD memecoin rug pull on Base drains approximately $12.5 million in ETH liquidity, setting a turbulent backdrop for the Base ecosystem.
2023-07-31
LeetSwap reaches peak TVL of approximately $41.2 million, holding position as Base's largest DEX.
2023-08-01
Attacker exploits the publicly exposed `_transferFeesSupportingTaxTokens()` function in LeetSwapV2Pair contract, draining approximately 342 ETH (~$630,000) from multiple liquidity pools.
2023-08-01
LeetSwap halts all trading and activates the Solidly-inherited factory security pause function.
2023-08-01
PeckShield, CertiK, Beosin, and BlockSec confirm the exploit on-chain. Wintermute research head Igor Igamberdiev publicly attributes the drain to the exposed function.
2023-08-01
LeetSwap TVL collapses from $41.2 million to approximately $7.17 million, an 83% decline.
2023-08-01
ZachXBT publicly flags LeetSwap and comments on the exploit via social media.
2023-08-01
LeetSwap posts public message requesting attacker return all funds except 50 ETH (~$92,000).
2023-08-04
LeetSwap publicly denies fake airdrop announcements circulating on social media following the exploit.
2023-08-09
Base network opens to all public users. LeetSwap's white-hat recovery operations yield 314 ETH from at-risk pools for distribution to liquidity providers.
Decision Log
- hash: CURXkSAdRuu7MV5cmaFj3jQeLSjDCarxKYk2wQ6ZCJ7V
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:39 AM
last updated: 5/30/2026, 11:48:10 AM
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