110 million dollars would have been stolen from the exchange platform.
The stolen tokens are tokenized versions of ether (ETH), Ethereum’s cryptocurrency.
Balancer, a decentralized finance (DeFi) protocol, was the victim in the last few hours of a hack that caused the loss of more than $110 million in digital assets.
After the news broke, the price of the balancer token (BAL) plummeted 9% in the last 24 hours, as shown in the following graph.
The committed funds correspond to tokenized versions of ether (ETH), the native cryptocurrency of Ethereum. In total, they add up to 6,850 osETH, 6,590 WETH and 4,260 ETH.
In this framework, the Balancer team confirmed through their social networks “a possible vulnerability that affects Balancer v2 pools.”
“Our engineering and security teams are investigating as a top priority. We will share verified updates and next steps as soon as we have more information,” they indicated.
As CriptoNoticias has reported, this is not the first time that Balancer has suffered an attack. In fact, This is the fourth known security breach of the project, after the incidents in 2020, 2021 and 2023.
According to the X Defimon Alerts account, the attack originated due to a vulnerability in Balancer’s access control, specifically in the “manageUserBalance” function.
A flaw in validateUserBalanceOp, which incorrectly compares the transaction sender with a user-supplied parameter, allowed attackers to perform unauthorized internal balance withdrawals using the “UserBalanceOpKind.WITHDRAW_INTERNAL” operation.
In other words, hackers were able to extract funds from the protocol’s smart contracts without the corresponding permissions.