Hackers Attack DeFi Protocol Balancer Again


A hacker or group of hackers has attacked the DeFi protocol Balancer for the second time in one day, this time stealing $2,300 in Compound tokens (COMP). It must be noted the hackers stole $500,000 in the first attack.

According to the developer of the DeFi protocol DeBank, known under the nickname Hao, the hacker has allegedly tricked the protocol to get the funds.

He has reportedly made use of the flash loan feature offered by dYdX and Uniswap and loaned more than $33M to generate cTokens representing ownership in a Compound pool. In addition, these tokens have been transferred to Balancer’s pool, allowing the hacker to change the distribution scheme of the COMP tokens of the pool. After the balance update, the system has determined the hacker has rights to the pool tokens. In the end, the hacker withdrew the COMP tokens and exchanged them for ETH.

Balancer Labs has reported it plans to return the lost funds to the affected liquidity providers. In addition, it also intends to pay the highest reward from its bug program to the person who identified the bug that made the attack possible.

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Source: https://ihodl.com/topnews/2020-06-30/hackers-attack-defi-protocol-balancer-again/

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