Balancer

Yesterday, Balancer, the protocol described by its team as &#34;a self-balancing weighted portfolio, price sensor, and liquidity provider,&#34; <a href="https://twitter.com/Balancer/status/1694014645378724280" rel="noopener noreferrer nofollow">reported</a> a critical vulnerability affecting multiple V2 pools.The initial <a href="https://forum.balancer.fi/t/vulnerability-found-in-some-pools/5102/14?u&#61;endymionjkb" rel="noopener noreferrer nofollow">report</a>, posted yesterday on the Balancer forum, states that 80% of the affected pools had been secured, while &#34;the remaining funds at risk represent about 4% of Balancer TVL.&#34;Just three hours after the first post, Balancer announced that &#34;thanks to the prompt response of the community, and the ease of migration/withdrawal through the recovery exit page, funds at risk are already down to 1.5% of the TVL.&#34;Read also: <a href="https://coinpaper.com/1998/scammers-fake-friend-tech-airdrops-for-phishing-attacks" rel="noopener noreferrer nofollow">Scammers Fake Friend.Tech Airdrops for Phishing Attacks</a>The latest report on X (formerly Twitter) shows an even greater reduction in affected funds. &#34;Over 97% of liquidity initially deemed vulnerable is now SAFE,&#34; the protocol’s team announced today. Balancer stresses that the vulnerability had been detected early enough to prevent possible exploits. However, 0.89% of the total TVL (the total value locked in the protocol) worth $5.6 million at press time, might still be at risk.The protocol recommends its users withdraw the liquidity provider tokens (LP) as soon as possible. The team advises using the user interface for the withdrawal. According to the official <a href="https://github.com/BalancerMaxis/multisig-ops/blob/main/BIPs/00notGov/2023-08-mitigation.md" rel="noopener noreferrer nofollow">information</a> on the protocol&#39;s GitHub, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom and Zkevm are among the affected pools. Balancer&#39;s developers recommend visiting the withdrawal page and connecting a wallet to understand if the funds are affected.As mentioned above, Balancer emphasizes that the vulnerability has not been exploited and any posts containing statements about the BAL claim program are not legitimate.Indeed, some scammers have already created phishing websites designed as fake Balancer pages, promising users, whose funds happened to be in the affected pools &#34;a compensatory BAL [the Balancer token] distribution.&#34;Read also: <a href="https://coinpaper.com/2001/critical-vulnerability-in-win-rar-can-give-attackers-control-over-your-pc" rel="noopener noreferrer nofollow">Critical Vulnerability in WinRAR Can Give Attackers Control over Your PC</a>Although the fake compensation plan posted by X accounts closely resembles the authentic Balancer profile, you can easily spot the differences. One of them is an inaccurate profile name that reads &#34;BaIencar&#34; instead of &#34;Balancer.&#34; Despite the news about the vulnerability, the price of the Balancer token has risen again since yesterday after a slight decline, when it was worth $3.4098. At press time, BAL was trading at almost $3.56, according to CoinMarketCap&#39;s <a href="https://coinmarketcap.com/currencies/balancer/" rel="noopener noreferrer nofollow">data</a>.<a href="https://coinpaper.com/2006/critical-vulnerability-affects-balancer-v2-pools?utm_source&#61;referral&amp;utm_medium&#61;publish0x&amp;utm_campaign&#61;publish0x" rel="noopener noreferrer nofollow">Read the full article on Coinpaper.</a>

Critical Vulnerability Affects Balancer V2 Pools

Coinpaper.com

Other articles published on Aug 23, 2023

Bitcoin difficulty jumps 6% to new peak as miners ignore BTC price dip

Can Nvidia (NVDA) Stock Cross $500 After August 23 Earnings?

China sentences former party official to life in prison for enabling crypto mining

Lessons from Europe: ‘crypto was never about institutions’

FBI Flags Six Bitcoin Addresses Linked To Notorious North Korean Hacker Group

Logan Paul Faces Wrath of Community Over Unsettled $1,500,000 CryptoZoo Compensation

Join our free newsletter for daily crypto updates!