2023-8-23 21:56 |
Balancer Labs has announced that a number of V2 Pools are vulnerable to an exploit after it received a report to that effect.
The team at the decentralized finance (DeFi) protocol disclosed the said vulnerability on Tuesday, adding that emergency measures had been undertaken to secure a majority of user funds.
Balancer has received a critical vulnerability report affecting a number of V2 Pools.
Emergency mitigation procedures have been executed to secure a majority of TVL, but some funds remain at risk.
Users are advised to withdraw affected LPs immediately.https://t.co/PDzX32gqeS pic.twitter.com/F1f649Wz3L
However, despite these mitigation processes, about 1.4% of the Total Value Locked (TVL) was at risk. The protocol asked affected LPs, which have been notified, to withdraw funds immediately.
“The majority of funds on Balancer are safe. Only 1.4% of the total TVL is at risk, and only boosted pools are affected. Several pools are paused to mitigate risks and will remain so, with users advised to withdraw liquidity as soon as possible,” an update read.
Users can access step-by-step instructions on how to withdraw from the Balancer UI, an update posted on X (fka Twitter) noted.
Balancer Labs will publish a report detailing the stated vulnerability and the next steps.
Meanwhile, Balancer’s native token BAL reacted negatively to the news, plummeting from $3.55 to $3.40. At the time of writing, the token’s price was down 2.7% after a slight upside in the past hour helped push it back to $3.48.
The post Balancer alerts users to V2 Pools threat, affected LPs asked to withdraw funds appeared first on Invezz.
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