🚨 August ended with Balancer Vault’s Exploit ~ $2.1 Million

HashingBits | Week- 35

In brief ⚡

• 🙃 Balancer Vault was subjected to multiple flashloan attacks. The exploiter has gained almost $2.1 Million after the attack

  

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Hacks and Scams⚠️

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Balancer Vault 

Amount of Loss:  ~ $2.1 Million

Analysis

• Balancer DeFi project suffered a critical vulnerability.

• Users were warned about the vulnerability several days before an attack.

• The project lost over $2.1 million in a series of exploits related to the bug.

• Balancer acknowledged the hack on Twitter.

• They mentioned mitigation procedures were implemented but couldn't pause affected pools.

• Users were urged to withdraw funds from affected liquidity pools to prevent further theft.

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Explore the Depths of Knowledge: Research Papers & Blogs🔖

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• DeFi Lending Concepts Part 1: Lending and Borrowing

• primer on the Voting Escrow (ve) architecture of CurveDAO

• Solidity Development with Foundry: Cast, Anvil, Chisel, and Forge

• Pitfalls of Using CREATE, CREATE2 and EXTCODESIZE Opcodes

• Auditor’s Notes: Initializing, Proxy, Oracles & Multi-Chain

• The Double-Edged Sword of abi.decode

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Web3 Community Spotlight🔦

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• 🔍 Report Analysis 101: Let's 🕵️‍♂️ analyze this unique bug 🐞 @xiaoming9090   from redactedcartel contest 👨‍💻, in hopes of learning the mindset of top security researchers 🚀.

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