Spartan Protocol
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 54. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −9.2, problems around the subject, caused by others −2.3; legitimacy credit long-running +10; the penalty for incidents it suffered is capped at 20. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.2 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -2.3 |
| Long-running | +10 |
| Sum | 44 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 54/100 (kept between 0 and 100)
How scoring works →Summary
Spartan Protocol is a BSC-based decentralized liquidity protocol offering token swapping and synthetic asset generation via a liquidity-sensitive AMM. On May 2, 2021, a flash loan exploit targeting a flaw in the protocol's liquidity share calculation resulted in the loss of approximately $30 million in user funds, none of which were verifiably recovered. The protocol relaunched as V2 in October 2021 but has seen drastically reduced activity and a near-total collapse in token value.
Connected Entities
4 entities · 60 linked investigations- THORChain→mentioned with→Binance(65%)
- THORChain→mentioned with→Bitcoin(60%)
- Spartan Protocol→mentioned with→THORChain(65%)
- Spartan Protocol→mentioned with→Binance(70%)
- Spartan Protocol→mentioned with→Bitcoin(60%)
Timeline(9 events)
2020
Spartan Protocol V1 launches on Binance Smart Chain with a Proof-of-Burn token distribution model; no founder or treasury tokens allocated.
SpartanProtocol MediumOctober 2020
CertiK completes a security audit of Spartan Protocol's smart contracts prior to launch. The critical liquidity share calculation vulnerability is not identified.
SpartanProtocol Medium / CertiK2 May 2021
Attacker exploits Spartan Protocol's SPARTA/WBNB liquidity pool using a 100,000 WBNB flash loan from PancakeSwap, draining approximately $30 million by manipulating the calcLiquidityShare() function to inflate the pool's reported balance before burning LP tokens.
CoinDesk2 May 2021
Spartan Protocol team posts official acknowledgment of the exploit on Medium and Twitter; states it is in communication with Binance to trace the BNB used by the attacker.
SpartanProtocol Medium2 May 2021
PeckShield publishes a root cause analysis of the Spartan Protocol exploit, identifying the calcLiquidityShare() current-balance-query flaw.
PeckShield Medium3 May 2021
Amber Group contacts the Spartan Protocol team with a proof-of-concept for a second exploit vector. The team patches the Utils contract within 19 minutes.
Amber Group MediumMay 2021
Spartan Protocol publishes a rebuilding plan: new SPARTA token with 1:1 bridge, snapshot at block 7048833, approximately 20 million SPARTA in LP compensation, and a Code4rena bounty for V2 contract security.
SpartanProtocol Medium5 October 2021
Spartan Protocol V2 launches on BNB Chain mainnet with four initial pools entering a 7-day initialization phase.
Smart Liquidity ResearchMay 2026
SPARTA token trades at approximately $0.0002 with a market cap of roughly $15,000 and 24-hour volume below $200; protocol is technically active but has negligible market activity.
CoinGeckoDecision Log
- slot 455366555 · hash 7RYVNpQxXqQ1VgRFJ8UoHUwFwCVQvhGjXj7iTaGq1iVb
- slot 423324645 · hash 4SDoj8sAPz5zVB1kgVaWf6nzmWy9seNnaQTjFyJRUjW2
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 10 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:00:03 AM
last updated: 10/10/2026, 6:46:44 PM
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