Home Coins Ethereum (ETH) Balancer swimming pools drained of greater than $450,000 resulting from an exploit...

Balancer swimming pools drained of greater than $450,000 resulting from an exploit related to deflationary tokens


Two multi-token swimming pools on Balancer, an automatic market maker protocol, have been drained of ~$450,000 on June 29 by an attacker that particularly focused swimming pools containing the so-called deflationary tokens.

The hacker carried out the assault in two separate transactions — one befell at 6:03 pm and the second one 30 minutes later 06:49 pm. Solely swimming pools with STA and STONK, deflationary tokens with switch charges, have been affected by this exploit. 

The attacker acquired a $23 million flash mortgage of ETH from dYdX, transformed it to WETH, and began swapping WETH to STA forwards and backwards — they repeated this 24 instances. This allowed them to empty the STA stability within the pool all the best way to 0.000000000000000001 STA as 1% transaction price was subtracted on every commerce. The STA stability was near zero, which allowed the attacker to swap it for different property within the pool very cheaply.

The attacker drained 601.three ETH (~$134.8k), 11.36 WBTC (~$103.5k), 22,593 LINK (~$102.8k), and 60,915 SNX (~$110.9k). In complete, the attacker acquired entry to about $452,000.

DEX Aggregator 1inch stated of their writeup that the attacker was “very refined good contract engineer with intensive data and understanding of the main DeFi protocols.” The ETH that was used to deploy the good contracts was combined via Twister Money to cover the supply.

Balancer stated that they weren’t conscious this particular kind of assault was attainable however allegedly warned concerning the unintended results of deflationary tokens with switch charges. It vouched to start including deflationary tokens to the UI blacklist equally to what they’ve already completed for no bool switch tokens. The protocol added that it has already undergone two full audits and has had a 3rd one deliberate.

That is the fifth high-profile assault on Open Finance protocols. The primary two occurred on February 15 as attackers drained the lending protocol bZx of greater than $1 million. In April, the dForce protocol was drained of $25 million however the whole quantity was returned by the attacker for nonetheless unknown causes.

© 2020 The Block Crypto, Inc. All Rights Reserved. This text is offered for informational functions solely. It’s not provided or supposed for use as authorized, tax, funding, monetary, or different recommendation.



Supply hyperlink

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,546FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.30
CHF
1.09
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.72

Most Popular

A comprehensive analysis on DEX liquidity aggregators’ performance | by Fulvia | Oct, 2020

After accounting for gas costs, 7 out of 10 times 0x API offers better prices than 1inch, Dex Ag, Paraswap and Uniswap.7 out...

Total Stablecoin Supply Nearly Doubled in Q3, Adding Record $8B

“2020 seems to be the year of stablecoins,” said Tether CTO.Source link

Video game legend Atari seeks public token sale in November

Atari will conduct a public token offering on Bitcoin.com in early November. As soon as the offering is complete, the ERC20-based AtariToken will become...

Equilibrium, a Polkadot-based project for cross-chain DeFi, raises $5.5 million

Equilibrium, a Polkadot-based, cross-chain decentralized finance (DeFi) project, has raised $5.5 million.  Sharing the news exclusively with The Block on Thursday, Equilibrium said the...
bitcoin
Bitcoin (BTC) $ 10,876.36
ethereum
Ethereum (ETH) $ 365.91
ripple
XRP (XRP) $ 0.242557
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 231.22
bitcoin-cash-sv
Bitcoin SV (BSV) $ 175.78
litecoin
Litecoin (LTC) $ 48.36
eos
EOS (EOS) $ 2.61
binancecoin
Binance Coin (BNB) $ 28.28
okb
OKB (OKB) $ 6.34
tezos
Tezos (XTZ) $ 2.26
leo-token
LEO Token (LEO) $ 1.27
cardano
Cardano (ADA) $ 0.102218
monero
Monero (XMR) $ 108.39
stellar
Stellar (XLM) $ 0.075805
chainlink
Chainlink (LINK) $ 10.21
huobi-token
Huobi Token (HT) $ 4.69
tron
TRON (TRX) $ 0.026528
usd-coin
USD Coin (USDC) $ 0.999772
dash
Dash (DASH) $ 70.48
neo
NEO (NEO) $ 19.74
iota
IOTA (MIOTA) $ 0.281137
nem
NEM (XEM) $ 0.118920
zcash
Zcash (ZEC) $ 67.95
maker
Maker (MKR) $ 587.70
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.42
vechain
VeChain (VET) $ 0.013249
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.56
kucoin-shares
KuCoin Shares (KCS) $ 0.876936
waves
Waves (WAVES) $ 2.72