DeFi Turns Toward Transparency Amid Market Turmoil

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Balancer suffered one of the largest decentralized finance (DeFi) exploits on Monday, with more than $116 million in staked Ether and liquidity pool tokens drained from Balancer v2 contracts and several forks. 

The decentralized exchange (DEX) and automated market maker (AMM) investigated what appeared to be faulty access control in its smart contracts, which allowed the attackers to withdraw funds directly from liquidity pools. 

The exploit began with a $70 million loss, which ballooned to $116 million, primarily affecting liquid staking assets such…



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DeFi Turns Toward Transparency Amid Market Turmoil


Balancer suffered one of the largest decentralized finance (DeFi) exploits on Monday, with more than $116 million in staked Ether and liquidity pool tokens drained from Balancer v2 contracts and several forks. 

The decentralized exchange (DEX) and automated market maker (AMM) investigated what appeared to be faulty access control in its smart contracts, which allowed the attackers to withdraw funds directly from liquidity pools. 

The exploit began with a $70 million loss, which ballooned to $116 million, primarily affecting liquid staking assets such…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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