BTC

$65670.335

-0.26%

ETH

$2670.654

-0.88%

BNB

$599.642

-1.33%

XRP

$0.617

5.06%

News

Balancer Attackers Now Accrues $2.1 Million In Profits

August 29, 2023 - Around 2 mins mins to read

Key Points:

  • Balancer suffered flashloan attacks resulting in losses of $2.1M.
  • Critical vulnerability reported on August 22nd.
Decentralized exchange Balancer lost ~$2.1M due to flashloan attacks. Users advised to withdraw affected LPs. Critical vulnerability reported on August 22nd.
Balancer Attackers Now Accrues $2.1 Million In Profits

Balancer, a decentralized exchange (DEX) platform, has experienced a series of attacks resulting in a reported total loss of approximately $2.1 million, as reported by Beosin Alert.

Addresses
ETH0xB23711b9D92C0f1c7b211c4E2DC69791c2df38c1
ETH0xed187f37e5ad87d5b3b2624c01de56c5862b7a9b
ETH0x429313e53a220c4a5693cad1da26ae5045b5762f
FTM0x64E08fa89C2bAE9F123cc8a293775f0E6CC86760
OPT0xBC794F1ff9AD7711A9d2E69Be5b499e290B8fD3c

The attackers targeted the platform’s flashloan feature, which allows users to borrow funds without collateral for a brief period. Beosin Alert reported that Balancer was under multiple flashloan attacks on August 27th, resulting in losses of $870,000.

Users affected by the attack are advised to withdraw their liquidity pool (LP) assets as soon as possible, according to a previous warning by the project.

Additionally, on August 22nd, Balancer reportedly received a critical vulnerability report affecting a number of V2 Pools. Emergency mitigation procedures have been implemented to secure the majority of total value locked (TVL).

However, some funds remain at risk, and users are advised to withdraw affected LPs immediately. The team has assured users that they are working to identify and fix all vulnerabilities and will continue to provide updates as they become available.

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.

Balancer

Balancer Attackers

Balancer Labs

Dex

Avatar of Thana

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Balancer Attackers Now Accrues $2.1 Million In Profits

Key Points:

  • Balancer suffered flashloan attacks resulting in losses of $2.1M.
  • Critical vulnerability reported on August 22nd.
Decentralized exchange Balancer lost ~$2.1M due to flashloan attacks. Users advised to withdraw affected LPs. Critical vulnerability reported on August 22nd.
Balancer Attackers Now Accrues $2.1 Million In Profits

Balancer, a decentralized exchange (DEX) platform, has experienced a series of attacks resulting in a reported total loss of approximately $2.1 million, as reported by Beosin Alert.

Addresses
ETH0xB23711b9D92C0f1c7b211c4E2DC69791c2df38c1
ETH0xed187f37e5ad87d5b3b2624c01de56c5862b7a9b
ETH0x429313e53a220c4a5693cad1da26ae5045b5762f
FTM0x64E08fa89C2bAE9F123cc8a293775f0E6CC86760
OPT0xBC794F1ff9AD7711A9d2E69Be5b499e290B8fD3c

The attackers targeted the platform’s flashloan feature, which allows users to borrow funds without collateral for a brief period. Beosin Alert reported that Balancer was under multiple flashloan attacks on August 27th, resulting in losses of $870,000.

Users affected by the attack are advised to withdraw their liquidity pool (LP) assets as soon as possible, according to a previous warning by the project.

Additionally, on August 22nd, Balancer reportedly received a critical vulnerability report affecting a number of V2 Pools. Emergency mitigation procedures have been implemented to secure the majority of total value locked (TVL).

However, some funds remain at risk, and users are advised to withdraw affected LPs immediately. The team has assured users that they are working to identify and fix all vulnerabilities and will continue to provide updates as they become available.

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.

Visited 128 times, 1 visit(s) today