Monday, May 10

DeFi Platform Balancer Notes a Security Incident

A Major Security Incident for Balancer.

Despite ongoing growth in the DeFi industry, security concerns remain in place today. Balancer, a job got traction recently, has gone through a security occurrence over the weekend..

For now, it does not appear as if this will have that big of an effect on the platform.

An assailant drained funds from 2 pools including tokens with transfer charges.

According to the article, this was enabled thanks to a flash loan from dYdX, and using Wrapped Ethereum.

This is in line with how all DeFi jobs are developing since late.

A 3rd audit will happen in the near future, along with an internal evaluation of the platform..

Balancer is among the DeFi projects getting a lot of attention lately.

For Balancer, a recent security incident does raise a lot of questions.

It is a security incident that took the Balancer team by surprise, as they werent familiar with this attack vector..

Image( s): Shutterstock.com.

Balancer as a platform will go through some changes, as brand-new security measures need to be put in place.

It is also worth noting that the previous 2 audits of Balancer did not highlight this problem either.

Cryptocurrency lovers want to earn money at all costs, and passive income is always the best option.

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