Level Finance
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 58 → 60. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6.4 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -1.6 |
| Long-running | +6 |
| Sum | 60 |
- 2 sections set aside: the claims did not hold up in a fact-check, pending correction.
Score: 60/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 5 of 9 claims confirmed · 2 need better sources · 1 disputed · 1 out of date
anchored·ur7bCk…J6ZjSummary
Level Finance (also marketed as Level Perps) is a decentralized perpetual derivatives exchange that launched on BNB Chain in Q4 2022 and later expanded to Arbitrum. In May 2023 the protocol suffered a $1.1 million exploit caused by a logic bug in its referral reward contract that was missed by two prior security audits. The protocol's LVL token has declined approximately 99.9% from its all-time high, and as of 2025-2026 the protocol shows near-zero TVL ($32K), zero fees, and zero revenue, indicating effective dormancy.
Connected Entities
5 entities · 60 linked investigations- ZachXBT→mentioned with→Binance(60%)
- Level Perps→mentioned with→ZachXBT(70%)
- Level Perps→mentioned with→Arbitrum(70%)
- Level Finance→mentioned with→Binance(70%)
- Arbitrum→mentioned with→Binance(65%)
Timeline(12 events)
November 2022
Level Finance begins security engagement with Obelisk Auditing for core smart contracts.
2023
Level Finance mainnet launches on BNB Chain with LVL utility token and LGO governance token.
9 January 2023
Obelisk Auditing publishes Core Contracts Audit for Level Finance.
24 January 2023
Obelisk Auditing publishes Trading Contracts Audit for Level Finance.
2 February 2023
Level Finance announces security partnership with Quantstamp.
5 April 2023
Quantstamp publishes full smart contract audit report for Level Finance.
21 April 2023
LVL token reaches all-time high of approximately $11.22.
24 April 2023
Alleged preliminary exploit attempt goes undetected approximately one week before the main attack (per Halborn post-mortem).
May 2023
Level Finance LevelReferralControllerV2 contract exploited; 214,000 LVL tokens drained and swapped for 3,345 BNB (~$1.1M). Team pauses referral program and issues public disclosure via Discord and Twitter.
2 May 2023
Multiple security firms (Halborn, PeckShield, Cyvers) publish post-mortems confirming referral logic bug. LVL token down ~50% from pre-exploit price.
26 December 2023
Scheduled first team token unlock: 25% of team allocation vests per published tokenomics schedule.
May 2026
Protocol TVL at approximately $32,880 across BNB Chain and Arbitrum. Fees and revenue at $0. Protocol assessed as effectively dormant.
Decision Log
- slot 464345585 · hash h9NihaABiZgCeVd4ZfMG7J5wbL4GyS2gHNTn7Cq4ncU
- slot 464345580 · hash 5fWJpcUtFaaKGdLR1ykr3HZ5xu8r2N5UqC5jEzXicEmt
- slot 464345574 · hash 4q78LRVsCbuPELt2qENkLPyZ1ibg2KdcQJ93La2dcmBv
- slot 455365419 · hash 4azQ6G3Ce1kNnCRCeUDMUeDrVaVexPYHJTLUXrB9mpzw
- slot 422638441 · hash EhBB5KDt3VRw2QVsRb8CAZRNzx6LWDTYEz2MtHqtBCP2
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 14 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:42 AM
last updated: 11/2/2026, 3:33:24 AM
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