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Euler Finance attack results in $11.9 million loss for Balancer

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According to reports, the decentralized transaction protocol Balancer tweeted that in the Euler Finance attack, about 11.9 million US dollars were sent to Eule

Euler Finance attack results in $11.9 million loss for Balancer

According to reports, the decentralized transaction protocol Balancer tweeted that in the Euler Finance attack, about 11.9 million US dollars were sent to Eule from the bbeUSD liquidity pool, accounting for 65% of the total TVL of the liquidity pool. The bbeUSD token was also deposited in the other four liquidity pools: wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, DOLA/bbeUSD. All other Balancer liquidity pools are safe.

Balancer: About US $11.9 million is affected by Euler attack, and other liquidity pools are safe

Analysis based on this information:


Balancer is a decentralized transaction protocol that offers liquidity and automated market-making capabilities for cryptocurrencies. On June 13th, Balancer tweeted that it had suffered a loss of $11.9 million due to an attack by Euler Finance. The attack targeted the bbeUSD liquidity pool, which saw 65% of its total value locked (TVL) drained.

According to Balancer’s tweet, the hackers managed to transfer the $11.9 million in funds from the bbeUSD liquidity pool to the Euler Finance attacker’s wallet. This resulted in a significant loss for Balancer, and the security of the platform has been called into question.

The bbeUSD token was also found to have been deposited in four other liquidity pools: wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, and DOLA/bbeUSD. Balancer assured its users that all other liquidity pools on the platform were safe and unaffected by the attack.

Balancer is known for its innovative approach to decentralized finance (DeFi) and provides users with access to various liquidity pools. These pools allow traders to provide liquidity for a wide array of tokens, and the platform’s automated market-making algorithms help to ensure efficient price discovery.

However, the attack on the bbeUSD liquidity pool highlights the risks associated with DeFi and the need for stronger security measures. DeFi protocols have become an increasingly popular target for hackers, as they often offer high-value rewards with relatively low security barriers.

In response to the attack, Balancer has vowed to implement stronger security measures to prevent similar incidents in the future. The company has also stated that it will be sharing the details of the attack with law enforcement agencies to aid in the pursuit of the attackers.

Overall, the Euler Finance attack on Balancer’s bbeUSD liquidity pool has resulted in a significant loss for the platform. While Balancer has assured its users that all other liquidity pools are safe, the incident highlights the need for stronger security measures within the DeFi industry as a whole.

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