Hackers attacked Balancer’s DeFi protocol twice within 24 hours
Attackers re-attacked the Balancer DeFi protocol smart contract, stealing another $ 2,300 in Compound (COMP) tokens. The first attack, which caused about $ 500,000 in damage, became known this morning..
According to the developer of the DeFi protocol DeBank under the nickname Hao, the hacker managed to deceive the protocol and simulate the situation in such a way that he allegedly owes a share of COMP tokens located in the decentralized exchange pool.
He took advantage of the instant borrowing feature of dYdX and Uniswap and raised over $ 33 million to issue cTokens representing rights to assets in the Compound pool. Then these tokens were transferred to the Balancer pool, which made it possible to change the distribution scheme of the COMP tokens in it. After updating the balance, the system determined that the hacker had rights to the tokens in the pool. At the final stage, he called the COMP withdrawal procedure and exchanged them for ETH.
Hao states that this attack is similar in nature to the one that happened before. In both cases, we used the features of the Balancer system associated with the formation of information about its internal state..
Balancer Labs, for its part, announced that it will fully reimburse all losses from affected liquidity providers. In addition, they will pay the largest of the stipulated rewards to help fix the bug. The developers promise to publish more detailed information later..
Balancer’s own token (BAL) rate fell 15% amid today’s events.
Hackers Use Monero Miner To Hide The True Purpose Of Their Attacks – Microsoft Hackers Start Using Cryptocurrency Miners As A Cover,…
Hackers invest NEM tokens stolen from the Coincheck exchange into ICO It seems that the hackers who stole about 500 million NEM from the Japanese Coincheck exchange figured out how…
The hacker who attacked the KuCoin exchange transferred 425 bitcoins to the mixer for laundering The hacker, who attacked the KuCoin exchange in September, is actively moving and…
The attacker who attacked Ethereum Classic returned $ 100,000 to the Gate.io exchange The organizer of the 51% attack on the Ethereum Classic network returned $ 100,000 in cryptocurrency…
Hackers steal $ 10 million from DeFi projects every month – CipherTrace The volume of cryptocurrency-related crime has decreased in 2020, but some…