<\/p>\n
Decentralized exchange Balancer<\/a> confirmed that its V2 pools were exploited for an undisclosed sum despite its previous warning about vulnerabilities.<\/span><\/span><\/p>\n In an Aug. 27 post<\/a> on its official X account, the Ethereum-based protocol revealed that its mitigation procedure was able to minimize the impact of the exploit. However, users are advised to withdraw their funds from the affected pools to prevent further attacks.<\/span><\/span><\/p>\n Cyvers Founder Meir Dolev <\/span><\/span>claimed<\/span><\/span><\/a> that about $900,000 was stolen from the exploit, adding that more than $600,000 has been moved into a new address. <\/span><\/span>An address linked to the hacker also <\/span><\/span>contains<\/span><\/span><\/a> over $979,000 worth of DAI tokens, which it received in three transactions. <\/span><\/span><\/p>\n On Aug. 22, Balancer said<\/a> a vulnerability affecting several of its pools put about 4% of the total value of assets locked (TVL) on its platform at risk. At the time, the protocol claimed that 80% of the issue had been mitigated but urged users to remove their funds from the affected pools.<\/p>\n \u201cWe believe funds in the mitigated pools (labeled \u201cmitigated\u201d) are safe, but nevertheless strongly recommend timely migration to safe pools, or withdrawal. Pools that could not be mitigated are labeled \u201cat risk.\u201d If you are an LP in any of these pools, please exit immediately,\u201d it added.<\/span><\/span><\/p>\n<\/blockquote>\n Over the last seven days, Balancer\u2019s TVL has declined by nearly 20% to $676.47 million from $840 million, according to DeFillama data<\/a>. This means the DeFi protocol users have withdrawn roughly $164 million of assets from the platform since the vulnerability fears emerged.<\/p>\n DeFillama data reveals a rapid drop in TVL, shedding over $200 million within 24 hours, settling at $638.8 million following the protocol\u2019s confirmation of a pool vulnerability.<\/p>\n Despite the protocol\u2019s claim that it has mitigated the risks, user trust in the platform continues to wane, with a mere $38 million inflow since the incident.<\/p>\n Meanwhile, Balancer\u2019s vulnerability fears emerged on the heels of an exploit<\/a> on Curve that resulted in over $60 million in losses and posed a contagion threat<\/a> to numerous DeFi platforms.<\/p>\n The post Balancer suffers breach despite prior warnings; TVL falls $164M<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Decentralized exchange Balancer confirmed that its V2 pools were exploited for an undisclosed sum despite its previous warning about vulnerabilities. In an Aug. 27 post on its official X account, the Ethereum-based protocol revealed that its mitigation procedure was able to minimize the impact of the exploit. However, users are advised to withdraw their funds […]<\/p>\n","protected":false},"author":2,"featured_media":143478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-143477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=143477"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143477\/revisions"}],"predecessor-version":[{"id":146287,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143477\/revisions\/146287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/143478"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=143477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=143477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=143477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Balancer TVL falls by $164M<\/h2>\n