Last 30 hours have been hard for DeFi. Here's a summary: 1. Moonwell $1M exploit, allegedly via Chainlink mispricing on wrstETH oracle. 2. Stream Finance xUSD goes down, with a ~$93 million loss of funds. 3. Balancer v2 and forks like Beets & BEX hacked for over $130M 👇
Balancer v2 is the most devastating one. It's been one of the most widely used and audited codebases. The ripple effect caused Berachain, Sonic, Polygon to take action and protect users' funds. Thankfully, Balancer v3 seems unaffected.
Today, around 7:48 AM UTC, an exploit affected Balancer V2 Composable Stable Pools. Our team is working with leading security researchers to understand the issue and will share additional findings and a full post-mortem as soon as possible. Because these pools have been live onchain for several years, many were outside the pause window. Any pools that could be paused have been paused and are now in recovery mode. All other Balancer pools are unaffected. This issue is isolated to V2 Composable Stable Pools and does not impact Balancer V3 or other Balancer pools. Balancer is committed to operational security, has undergone extensive auditing by top firms, and had bug bounties running for a long time to incentivize independent auditors. We are working closely with our security and legal teams to ensure user safety and are conducting a swift & thorough investigation. We’re grateful to our partners and the broader DeFi community for their support. Security notice: Fraudulent messages claiming to be from the Balancer Security Team are circulating. These are not from us. Do not interact with unsolicited communications or click unknown links. Official updates will be posted only via: - This official Balancer account on X (Twitter) - Our official Discord server Be careful with communications from other sources, they can be fraudulent. We will provide a comprehensive update with more details as our investigation progresses. The Balancer Team.
We should take lessons and continue to improve. Long term, we need a coordinated @LowRiskDeFi movement. @CredoraNetwork will help navigate yield vs risk analysis. RedStone will continue to support clients with most reliable oracles. By builders, for builders.
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