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Balancer Protocol Reports Losses in Euler Finance Attack

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Balancer Protocol Reports Losses in Euler Finance Attack

According to reports, the decentralized transaction protocol Balancer tweeted that in the Euler Finance attack, about 11.9 million US dollars were sent to Eule from the bbeUSD liquidity pool, accounting for 65% of the total TVL of the liquidity pool. The bbeUSD token was also deposited in the other four liquidity pools: wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, DOLA/bbeUSD. All other Balancer liquidity pools are safe.

Balancer: About US $11.9 million is affected by Euler attack, and other liquidity pools are safe

Analysis based on this information:


The Balancer protocol, a decentralized transaction protocol, recently made a tweet that reported the details of the Euler Finance attack. The tweet stated that the attack resulted in losses of around 11.9 million US dollars, which were sent from the bbeUSD liquidity pool to Eule. This amount represents 65% of the total TVL (Total Value Locked) of the liquidity pool, which indicates a significant loss for the platform.

The Balancer protocol is known for its liquidity pools, which allow users to trade various tokens without going through a centralized exchange. These pools are filled with various cryptocurrencies that users can trade, and the bbeUSD liquidity pool is one such pool. In the attack, the attacker managed to send a large amount of money from this pool to Eule, which effectively drained a significant portion of the pool’s value.

The bbeUSD token was also reportedly deposited in the other four liquidity pools, which were wstETH/bbeUSD, rETH/bbeUSD, TEMPLE/bbeUSD, and DOLA/bbeUSD. This indicates that the attacker was able to exploit vulnerabilities in the protocol to gain access to multiple pools and cause significant damage across the platform.

Despite the losses, Balancer stated that all other liquidity pools are safe, which is good news for users. However, the attack highlights the vulnerability of decentralized platforms like Balancer, which remain susceptible to hacks and attacks.

In conclusion, the recent attack on the Balancer protocol by Euler Finance has resulted in a significant loss of funds. While the impact is limited to the bbeUSD liquidity pool and four other pools, the incident highlights the risks associated with decentralized platforms. While Balancer has assured its users that other pools are safe, it remains to be seen how they will mitigate the risks and protect user funds going forward.

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