The Balancer ($BAL) platform’s initial loss projections have been significantly off, according to blockchain security company PeckShield Inc. In a subsequent tweet, PeckShield stated that the loss, which also affects Beethoven X, is now estimated to be more than $2.1 million. Multiple pools on many platforms, including Ethereum, the Fantom Foundation, and the Optimism Foundation, are impacted by this.
Prior to this, the Balancer team had warned its community to remove funds from the impacted vaults. Initially, they estimated that “only 0.08% of total TVL ($565,199) remains at risk.” PeckShield’s investigation, however, suggests that this number may have been “seriously mis-calculated.”
In a subsequent post, Balancer disclosed a vulnerability-related attack. Although they have put risk-reduction measures in place, they were unable to suspend the impacted pools. Balancer advised consumers to withdraw from the affected liquidity pools as a preventative action.It has not yet been determined where the $2.1 million in stolen money is right now.
For those who are not familiar, Balancer is a platform that enables users to create or add liquidity to customisable pools and earn trading fees, while PeckShield Inc. is a well-known blockchain security and data analytics company.