Crypto Calamity: Balancer Loses $120M to Hackers in DeFi Debacle!
Hackers drained over $120 million from Balancer by exploiting a rounding function and batch swaps, proving once again that math mischief can be quite profitable. While Balancer scrambles to recover funds, they might want to consider swapping their rounding function for one that doesn’t round down to “broke”.
Hot Take:
Oh, Balancer! Looks like someone found a “roundabout” way to cash in on your crypto coins. Who knew rounding errors could be so profitable? Maybe next time, stick to whole numbers?
Key Points:
- Hackers drained over $120 million from Balancer using a rounding function exploit.
- The attack targeted Balancer V2 composable stable pools across multiple blockchains.
- Batch swap feature and incorrect rounding in EXACT_OUT transactions were exploited.
- Rapid community response reduced losses by $20 million.
- Investigation ongoing; users advised to avoid affected pools.
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