Balancer Protocol: $11.9 Million US Dollars Lost in Euler Finance Attack

03/14/2023 00:56 • Crypto & Markets • 65 views

According to reports, the decentralized transaction protocol Balancer tweeted that in the Euler Finance attack, about 11.9 million US dollars were sent to Eule from the bbeUSD liquidity pool, accounting for 65% of the total TVL of the liquidity pool. The bbeUSD token was also deposited in the other four liquidity pools: wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, DOLA/bbeUSD. All other Balancer liquidity pools are safe.

Balancer: About US $11.9 million is affected by Euler attack, and other liquidity pools are safe

Analysis based on this information:

Balancer Protocol, a decentralized transaction protocol, recently became the victim of a cyber attack by Euler Finance. According to reports, the attacker was successful in accessing the bbeUSD liquidity pool of Balancer which resulted in the loss of about $11.9 million US dollars. The amount accounts for a staggering 65% of the total TVL of the liquidity pool. It is important to note that based on the statement issued by Balancer Protocol, all other liquidity pools of the platform remain unaffected.

The bbeUSD token was also deposited in four other liquidity pools of the Balancer Protocol, namely wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, and DOLA/bbeUSD. It is not clear whether the attacker was successful in accessing funds from these pools or if the funds remain safe. However, given Balancer’s statement that all other pools are safe, it is possible that the attacker was unable to compromise additional pools.

This is a serious blow to Balancer Protocol, as the loss of $11.9 million dollars is not insignificant. Balancer Protocol is a decentralized exchange that allows users to swap ERC-20 tokens. The platform uses liquidity pools to provide liquidity for its swaps. Users can trade tokens and earn fees for contributing tokens to the platform’s liquidity pools. The TVL or Total Value Locked, is the sum value of all the assets in these pools.

Euler Finance is a decentralized platform that offers a range of DeFi services such as staking and yield farming. The platform is known for its complex arbitrage strategies and has been accused of several attacks in the past. Although the exact details of the attack remain unclear, it is possible that the attacker may have used one of Euler Finance’s strategies to exploit the bbeUSD liquidity pool of Balancer Protocol.

In conclusion, the Balancer Protocol attack highlights the risks associated with the use of DeFi platforms. Although these platforms offer an opportunity to earn high returns, they are also vulnerable to cyber attacks. It is important for users to exercise caution when transacting on such platforms and to only use trusted and reputable DeFi services.

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Balancer Protocol: $11.9 Million US Dollars Lost in Euler Finance Attack

Balancer: About US $11.9 million is affected by Euler attack, and other liquidity pools are safe

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