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Balancer’s Losses Exceeded $2.1 Million, Multiple On-chain Fund Pools Were Affected

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Balancer’s Losses Exceeded $2.1 Million, Multiple On-chain Fund Pools Were Affected

  news.coincu.com 39 m

Balancer’s Losses Exceeded $2.1 Million, Multiple On-chain Fund Pools Were Affected

PeckShield’s analysis highlighted the aftermath of this breach, shedding light on the repercussions that affected these diverse platforms.

While the Balancer team promptly notified users to withdraw liquidity from vulnerable vaults, the initial risk assessment of only “0.08% of the total TVL ($565,199)” appeared significantly underestimated.

Balancer’s V2 pools, despite previous vulnerability alerts, were exploited, resulting in undisclosed losses. The protocol’s mitigation efforts minimized the breach’s impact, yet cautionary measures were advised for users to withdraw their funds from compromised pools to thwart potential future attacks.

Multiple flash loans orchestrated the attack on Balancer, culminating in a loss nearing $900,000. The protocol’s team swiftly acknowledged the exploit tied to the disclosed vulnerability and adopted mitigation strategies to curtail risks. However, stopping the affected pools proved infeasible.

Balancer emphasized the importance of users withdrawing from impacted liquidity pools to prevent further breaches. The vulnerability came to light on August 22nd, prompting an urgent plea for fund withdrawal and leading to temporary pool suspensions.

Despite efforts to communicate the risks and encourage action, the breach still unfolded, revealing that not all users heeded the warnings. Balancer developers had swiftly issued alerts, identifying safe pools and promising a detailed post-mortem analysis with a forthcoming patch.

To ensure their holdings’ safety, users were guided to a newly established portal for risk assessment. Although the developers advised temporary withdrawal from all pools for extra safety, some users failed to act promptly, resulting in the inevitable breach nearly a week later.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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