Key Points:
The vulnerability report prompted immediate emergency measures to safeguard the majority of Total Value Locked (TVL), though certain funds are still exposed to risk. To counter this, users are strongly advised to promptly withdraw from the affected liquidity pools (LPs).
It triggered a swift response from Balancer Labs, resulting in the mitigation of over 80% of the affected pools. Approximately 4% of Balancer TVL remains vulnerable due to the ongoing risk associated with these pools.
Despite the potential threat, it’s noteworthy that this vulnerability has not been exploited, and no funds have been lost thus far.
In response to the situation, the Emergency SubDAO initiated proportional exit options for all impacted pools. Additionally, pools still within the pause window were temporarily suspended as a preventive measure.
Balancer emphasizes that funds held in the mitigated pools, clearly labeled as “mitigated,” are considered safe.
However, they strongly urge users to transition to secure pools or execute timely withdrawals. Pools that could not be adequately mitigated are categorized as “at risk,” and users in such pools are strongly encouraged to exit immediately.
To facilitate user actions, Balancer has introduced a personalized interface feature. This tool helps users determine whether their connected wallets are associated with affected pools. Moreover, a streamlined withdrawal process has been set up to guide users through the necessary steps.
Notably, in a related development from January, Balancer had already cautioned liquidity providers to remove funds from five pools, safeguarding a sum of $6.3 million.
This proactive measure seems to be part of a broader strategy to fend off potential exploits, effectively protecting other pools from similar risks.
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.
Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.
Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…
Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…
Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…
Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…
SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…
This website uses cookies.