Balancer Labs, a non-custodial portfolio manager, liquidity provider, and price sensor, recently experienced a massive vulnerability affecting several of its lending pools. After the exploit was discovered, Balancer devs published a warning to its users, noting that certain pools had already been marked as safe and promising a post-mortem of the situation as soon as a patch was ready.Last night, Balancer confirmed on X that an exploit had finally occurred and urged its users once again to withdraw their funds in order to prevent further exploits. The attack was carried out via three separate DAI transactions, all leading back to the same wallet. The first was by far the largest – worth over $600k. Two smaller transactions followed, costing the lending pools over $250k and $85k, respectively.In total, the un-patched smart contract vulnerability cost Balancer more than $970k. The promised post-mortem report will also undoubtedly have to be redone to include the fact that this exploit was discovered by a separate bad actor – although the hacker in question was most likely tipped off by the warning posted on Balancer’s forum. Balancer’s community was dismayed at the news, with some users recommending that the devs find a new industry to work in.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 10 |
| People | Balancer Labs, Meir Dolev |
| Companies | Balancer Labs, DAI, PrimeXBT, Binance, CyverAI |
| Currencies | ethereum, binance, usd, dai, bitcoin |
| Securities |
