Ethereum AMM Balancer Exploited for $900,000: Disclosure Confirms
Ethereum automated market maker (AMM) Balancer recently confirmed that it was exploited for approximately $900,000. This comes after the protocol had highlighted a vulnerability affecting its pools.
- Blockchain security expert Meier Dolev identified the alleged attacker’s Ethereum address.
- The address received transfers of the Dai stablecoin amounting to $636,812 and $257,527.
- The account affected over $893,978 in balance.
- The Balancer team implemented mitigation measures but couldn’t stop the affected pools. Users were urged to withdraw from compromised liquidity providers.
Previously, Balancer had reported a critical vulnerability impacting its boosted pools. Assets from various platforms were at risk. By August 24, $2.8 million, constituting 0.42% of the total value locked, was still exposed. Users were advised to migrate to safe pools or withdraw.
Hot Take: The Balancer exploit showcases the ongoing challenges and risks faced by DeFi protocols. It highlights the importance of continuous security audits and prompt action to protect user funds.
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