DeFi Protocol Balancer Hacked Through Exploit It Seemingly Knew About
A spat between the Balancer and STA team following the $500,000 hack suggests that the DeFi protocol was aware of the weakness.
The Balancer automated market maker protocol has been hacked for over $500,000 in a single Ether (ETH) transaction, facilitated once again by a dYdX flash loan.
As analyzed by the 1inch.exchange team a few hours after the incident, a carefully crafted transaction taking more than 8 million gas, or about two thirds of an Ethereum block, stole over $500,000 in Ether, Wrapped Bitcoin (WBTC), Chainlink (LINK) and Synthetix (SNX) tokens.
Taking advantage of programmed burn
Timestamped at 6 PM UTC on Sunday, the transaction begins with a flash loan from dYdX for 104,000 ETH, or about $23 million.
The exploit relied on Statera (STA), a deflationary token where 1% of every transaction is automatically burned.
Coin Telegraph - 29th Jun 11:06