Balancer DeFi protocol loses over $128M in crypto heist

Ethereum-based decentralized finance protocol Balancer had more than $128 million pilfered from its V2 pools following a cryptocurrency heist on Nov. 3, reports BleepingComputer.

Only V2 Compostable Stable Pools were affected by an exploit resulting crypto asset theft, according to Balancer, which has not provided additional details regarding the incident amid an ongoing investigation.

While GoPlus Security attributed the Balancer V2 exploit to a precision rounding error in the Vault's swap calculations, others noted the hack to have stemmed from inappropriate Balancer V2 vault authorization and callback management.

Meanwhile, Balancer has already been impersonated by a fraudster luring hackers with a bounty equivalent to 20% of the stolen funds after returning the rest of the pilfered assets. Hackers have been threatened by the fraudster with intense crackdown efforts should they choose not to cooperate.

Such a development comes after North Korea was noted to have exfiltrated $2 billion from crypto heists so far this year.