Balancer Will Compensate Users Who Lost Funds Due to Hacker Attack
Main page News, Cryptocurrency, Hacker Attack
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30 June
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Ethereum-based DeFi protocol Balancer has just announced it has decided to compensate users who have lost their tokens as a result of the recent attack, The Block has reported.

In addition, Ankur Agrawal of Hex Capital will receive the largest amount of the project's bug reward program, as he identified on May 6 the bug that made the attack possible.

According to Balancer, even though the bug had been identified, "the protocol team did not think it would be a practical attack because of the enormous amounts of funds and also gas we thought would be required for bringing the balance of the deflationary token to near 0 in a single atomic transaction."

Yesterday it was known a hacker had stolen around $500,000 from the DeFi protocol Balancer by exploiting a bug in the system. Apparently, he used the funds to exchange WETH for STA and vice versa back and forth 24 times. As a result, the STA pool has been left empty. With each exchange of WETH for STA, Balancer's pool received 1% less STA than expected.

Balancer will unveil additional details about its rewards program later this week.

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