Balancer protocol exploited for $900K as DeFi hacks mount: Finance Redefined

📆 9/1/2023 5:00 PM
📰 Cointelegraph

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Ethereum automated market maker and DeFi protocol Balancer was exploited for nearly $900,000 as DeFi exploits and hacks continue to mount.

decentralized finance In this week’s newsletter, Ethereum staking services have agreed upon a 22% limit on all validators to ensure fair markets. August proved to be another costly month for DeFi as several protocols were collectively exploited for $16 million. In separate exploit news, Balancer protocol lost nearly $900,000 due to a vulnerability flagged months ago.

The DeFi market had another late-week bearish decline due to an overall market fall after news dropped of a delay in the decision on approval of a spot Bitcoin’s spot exchange-traded fund . Most DeFi tokens traded in the red, and the total value locked in DeFi tokens remained below $50 billion.

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