Ethereum’s Balancer Breached: $120M Lost in DeFi Dive!
Balancer, a top DeFi protocol, was hit with a cyber-attack, resulting in over $120m in losses. The attack exploited a rounding error in Balancer V2 Composable Stable Pools. Meanwhile, phishing scams are circulating, with fraudsters offering a “white-hat bounty” for the return of funds. Balancer assures other pools like V3 are unaffected.
Hot Take:
Looks like Balancer just got the worst kind of balancing act—a $120 million dive into the DeFi danger zone. Hope they bounce back, but for now, it seems like they’re just a little unbalanced.
Key Points:
- Balancer, a major DeFi protocol, got hacked for over $120 million in crypto losses.
- The attack targeted Balancer V2 Composable Stable Pools using a precision loss in calculations.
- Other Balancer pools, including V3, weren’t affected by the attack.
- Phishing scams are making rounds, pretending to be from the Balancer Security Team.
- Despite extensive audits and bug bounties, sophisticated hacks remain a threat.
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