DeFi’s Balancer Pool Hacker Drains Funds Worth About $500k

DeFi platform Balancer’s multi-token pools were under attack after a hacker drained about $500k worth of funds.

Sophisticated Smart Contract Engineer Behind The Hack?

Decentralized Finance [DeFi] has been in the news lately following the launch of two prominent governance tokens from lending protocol Compound Finance as well as decentralized exchange Balancer. Compound’s COMP token was the first to hit the market and still has the entire DeFi space under its dominance. While Balancer was also seen doing well, the platform revealed a recent glitch that it experienced. Balancer Labs revealed that an attacker had drained funds worth of about $500,000 from two pools that sustained deflationary tokens. The tokens in these pools were STA and STONK tokens. Read More...

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