Hack history / 2023 / Hack or exploit
Palmswap
Hack or exploit on Jul 24, 2023 · Incorrect Share Accounting
ATTACK TX CONFIRMED ON CHAINSOURCES AGREE ON DATE AND LOSS · 3 SOURCES
Lost
$900K
dollars at the time
Returned
none listed
as the sources state it
Rank
#972
among thefts by dollars lost
What happened
On July 24, 2023, Palmswap's PLP vault was exploited for $901,000. The attacker used flashloans to purchase USDP at 1:1, inflated the pool value, then redeemed at the manipulated 1:1.9 rate by exploiting incorrect exchange rate calculations in PlpManager.
Details
- Date
- Jul 24, 2023
- Kind
- Hack or exploit
- Method
- Incorrect Share Accounting
- How in
- Smart contract bug
- Target
- DeFi protocol
- Chains
- BNB Chain
After the theft
- Returned by the attacker
- yes, amount not stated
“On July 28, Palmswap tweeted that 80% of the stolen funds had been returned, and the remaining 20% was used as a bug bounty for hackers.” (SlowMist Hacked)
Reported by
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Cite this page
SwanBluechip, "Palmswap hack, Jul 24, 2023: $900K lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht671dc03b67/ (data as of 2026-10-31).