Skip to content Skip to footer

Balancer update: security firm says losses exceeded $2.1M

The figure from the attack should be more than $2.1M.

On Sunday, Balancer confirmed that its pools were drained of about $900,000 by a hacker whose identity has been unveiled.

However, a blockchain security firm has questioned the validity of this figure.

Balancer drain might have been higher

The Balancers team announced earlier that it suffered an exploit that caused the loss of about $900,000. The attack came after it reported, just a few days before, that some of its V2 pools were critically vulnerable.

The team acknowledged that most of the funds in the affected pools have been withdrawn.

The chief technology officer at Meir Dolev reported on X that the attacker had stolen $900k from the exploit. He had also released the addresses where the funds were sent following the attack.

Balancer earlier said that over 99.7% of liquidity that was vulnerable was safe. And only 0.08% of the total value locked (TVL) was at risk.

Read more: Balancer hacked—$900K stolen after reporting critical vulnerability

However, Blockchain security firm PeckShield has questioned this figure. According to the firm’s analysis, the figure from the attack should be more than $2.1M.

“The Balancer team has done a great job in alerting the community to remove liquidity from affected vaults, the original estimate of “only 0.08% of total TVL ($565,199) remains at risk” seems to be seriously mis-calculated,” Peckshied said in a post.

The firm contends that the loss affected multiple pools across Ethereum, Fantom foundation, and Optimism.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave a comment

Go to Top