$20,700,000 in Crypto Recovered After Ethereum-Based Protocol Balancer Suffers $128,640,000 Hack
The liquid staking platform StakeWise has recovered about 16% of the assets that hackers just stole from the decentralized finance (DeFi) protocol Balancer.
In an update describing the attack, Balancer says it suffered a security breach affected the protocol’s V2 Composable Stable Pools.
“Because these pools have been live onchain for several years, many were outside the pause window. Any pools that could be paused have been paused and are now in recovery mode.
All other Balancer pools are unaffected. This issue is isolated to V2 Composable Stable Pools and does not impact Balancer V3 or other Balancer pools.”
The blockchain security firm PeckShield says the incident cost $128.64 million in losses across multiple chains.
StakeWise, issuer of some of the assets, says it managed to recover about $20.7 million of the stolen funds.
“[S]takeWise DAO emergency multisig has executed a series of transactions, recovering ~5,041 osETH (~$19M) and 13,495 osGNO (~$1.7M) tokens from the Balancer exploiter.
On Ethereum mainnet, this represents 73.5% of the ~6,851 osETH stolen earlier today and is as much as we could recover due to the attacker promptly converting the missing portion of the stolen assets into ETH.”
StakeWise says the assets taken back from the attackers will be returned to affected users and will be distributed pro-rata based on pre-exploit balances.
Featured Image: Shutterstock/TogsDesign/Sensvector
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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