$900,000 Stolen from Balancer; a DEFI Platform

Balancer, a financial system on Ethereum, was tricked and lost nearly $900,000. This happened a few days after they found a weak spot in their system.

An expert, Meier Dolev, shared the online address of the person who might have stolen the money. This address got payments worth over $893,978 in a digital money called Dai.

Balancer told everyone on X (a platform like Twitter) about the theft. They said they had tried to fix the weak spot, but some areas could not be stopped right away. They told users to take out their money from risky parts of the system.

On Aug. 22, Balancer shared that they found a big problem in their system. They asked users to take their money out to avoid any loss. This problem affected many digital platforms, including Ethereum and others. At first, more than $5 million of users' money was in danger. By Aug. 24, around $2.8 million was still at risk. Balancer warned users to move their money to safer areas.

Balancer: 

“We believe funds in the mitigated pools (labeled “mitigated”) are safe, but nevertheless strongly recommend timely migration to safe pools, or withdrawal. Pools that could not be mitigated are labeled ’at risk'. If you are an LP in any of these pools, please exit immediately."

And last year, in June, Balancer started using the Optimism network to make things better and cheaper for its users.