Sirwin
Sirwin

Hacker attacked Balancer's DeFi protocol. $ 500,000 Tokens Stolen

By Kluma | InterestingCrypto | 29 Jun 2020



It was not possible to establish the identity of the criminal. He used the Tornado Cash Ethereum mixer, which confuses transactions so they cannot be tracked

Hacker attack DEFI-protocol and stole from him pools tokens in the amount of at least $ 500 000. One of the first issue of the said analyst Stephen Zheng. Then information about the theft was confirmed by the representative of the 1inch exchange and co-founder of Balancer Labs Mike MacDonald.

“The funds were used by a hacker to exchange WETH for STA and back 24 times. As a result, the STA pool was empty. Each time WETH was transferred to STA, the Balancer pool received 1% less STA than it should have been, ”1inch explained.

This was made possible due to the deflation mechanism built into the STA, which destroys 1% of the amount transferred with each transaction. Thus, the hacker withdrew WETH, WBTC, SNX and LINK tokens from the smart contract.


A spokesman called the hacker an advanced smart contract developer who is deeply versed in leading DeFi protocols. He could not be tracked because he used the Tornado Cash Ethereum mixer.


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