The Balancer platform, which serves as a decentralized finance (DeFi) and exchange, was hit by a cyber attack, and $116 million worth of crypto assets were stolen from wallets.
In recent weeks, the cryptocurrency market has turned into a bloodbath due to manipulations believed to be carried out by Donald Trump and former Binance founder CZ. Liquidity hunts, which used to happen once or twice a month, are now occurring daily. Small investors who entered the market dreaming of making money have become the prey.
📉 Bad News Piles Up
While waiting for good news to act as a remedy for the market, unfortunately, bad news is coming one after another. The Balancer platform, long used as a DeFi protocol, was subjected to a cyber attack, and $116 million in assets was stolen.
It is estimated that the attackers exploited a vulnerability in the execution process of the smart contracts and withdrew the funds with a single command. Assets were stolen not only from the Balancer platform but also from its sub-platforms, known as forks.
The Balancer team announced that anyone who can fully return the stolen assets will be gifted 20% of the funds. They also stated that if the funds are not returned within 48 hours, they will cooperate with law enforcement.
Balancer had been attacked before, but the amount stolen was not as massive as this time. The already fragile market fell again following this news, with the Bitcoin price touching the $103,000 level.
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