Market Maker Balancer Compromised: Key Facts Behind The $128 Million Hack
The decentralized finance (DeFi) protocol and market maker Balancer recently suffered a significant exploit, resulting in the loss of over $120 million in digital assets. According to blockchain security firms, the total losses have now reached approximately $128 million, with ongoing withdrawals from the attacker’s wallet still being reported. Details Of Balancer Attack In a […]
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Crypto.com has revealed that 483 user accounts were compromised in the recent hack that resulted in unauthorized withdrawals of about $34 million in cryptocurrencies, including bitcoin and ether. Nonetheless, the company stressed that customer funds were never at risk. Crypto.com’s Hack Postmortem and CEO’s Comments Crypto.com revealed Thursday the number of users affected by the unauthorized crypto withdrawals that occurred on Jan. 17 and the cryptocurrencies stolen. The company wrote: The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled 4,836.26 ETH,....
The new feature allows traders to tap into pools of assets that trade at similar price levels. Balancer claims to be the first automated market maker to offer stable pools. Balancer, a popular automated market maker for cryptocurrencies, has launched a new protocol feature designed to lower fees and improve the trading execution for like-kind waps.Stable pools “are designed specifically for assets that trade at a similar price,” wrote Fernando Martinelli, the co-founder and CEO of Balancer Labs. As such, the pools increase capital efficiency for like-kind swaps, thereby offering traders....
Two of the largest crypto funds join Pantera Capital and Alameda Research in contributing to Balancer's $12 millions series A funding round Balancer Labs announced today a $5 million investment round led by DeFi (decentralized finance) mainstays Three Arrows Capital and DeFiance Capital. The two VCs now join Pantera Capital and Alameda Research in investing, brining Balancer’s series A round to a total of $12 million raised. The investment might come as a surprise to some, given that in a recent podcast Arthur of DeFiance Capital gave a less-than-glowing review of Balancer as an automated....
In a disheartening turn of events, the decentralized finance (DeFi) protocol Balancer (BAL) confirmed a hack just days after warning about a critical vulnerability impacting multiple Pools. The attack, which took place on August 27, resulted in a loss of nearly $1 million for Balancer. Previously, on August 22, NewsBTC reported that Balancer had discovered a critical vulnerability affecting its protocol. However, despite efforts to mitigate the risks and caution users, Balancer could not pause the affected pools. In response, the protocol urged users to withdraw from the impacted liquidity....
James Edwards bases his accusations on what he feels are dubious transactions and smart contract code that doesn’t match the post-mortem analysis. A fresh new crypto conspiracy theory is afoot — this time in relation to last week's $160 million hack on algorithmic market maker Wintermute — which one crypto sleuth alleges was an "inside job."Cointelegraph reported on Sept. 20 that a hacker had exploited a bug in a Wintermute smart contract which enabled them to swipe over 70 different tokens including $61.4 million in USD Coin (USDC), $29.5 million in Tether (USDT) and 671 Wrapped Bitcoin....