Balancer Labs, a non-custodial portfolio manager and liquidity provider, recently experienced a massive vulnerability in its lending pools. The exploit was discovered by the Balancer developers, who immediately issued a warning to users and promised a post-mortem report once a patch was ready. To ensure the safety of their funds, users were directed to a portal to check if their holdings were at risk. However, not all users received or heeded the warning, and an exploit occurred about a week later.
Balancer confirmed the exploit and urged users to withdraw their funds to prevent further exploits. The attack involved three separate transactions, all linked to the same wallet. The largest transaction was worth over $600k, followed by two smaller transactions costing the lending pools over $250k and $85k, respectively. While not as damaging as previous exploits, the hacker still managed to obtain a significant amount of illicit funds.
Balancer’s community was disappointed by the news, with some users suggesting that the developers find a new industry to work in. The un-patched smart contract vulnerability resulted in a loss of over $970k for Balancer. The promised post-mortem report will now need to be revised to include the fact that a separate bad actor discovered the exploit, likely tipped off by the warning posted on Balancer’s forum.
In summary, Balancer Labs experienced a vulnerability in its lending pools, leading to an exploit where a hacker obtained illicit funds. The developers warned users and encouraged them to withdraw their funds, but not all users heeded the warning. Balancer suffered a loss of over $970k as a result of the exploit..
#Balancer #Drained #Days #Disclosing #Vulnerability
Balancer confirmed the exploit and urged users to withdraw their funds to prevent further exploits. The attack involved three separate transactions, all linked to the same wallet. The largest transaction was worth over $600k, followed by two smaller transactions costing the lending pools over $250k and $85k, respectively. While not as damaging as previous exploits, the hacker still managed to obtain a significant amount of illicit funds.
Balancer’s community was disappointed by the news, with some users suggesting that the developers find a new industry to work in. The un-patched smart contract vulnerability resulted in a loss of over $970k for Balancer. The promised post-mortem report will now need to be revised to include the fact that a separate bad actor discovered the exploit, likely tipped off by the warning posted on Balancer’s forum.
In summary, Balancer Labs experienced a vulnerability in its lending pools, leading to an exploit where a hacker obtained illicit funds. The developers warned users and encouraged them to withdraw their funds, but not all users heeded the warning. Balancer suffered a loss of over $970k as a result of the exploit..
#Balancer #Drained #Days #Disclosing #Vulnerability
