Balancer audits under scrutiny after $100M+ exploit
Reports showed four security companies conducted 11 audits of Balancer’s smart contracts starting in 2021, but a bad actor was still able to drain millions in staked Ether.
Many cryptocurrency traders are seeking answers after a successful exploit at the decentralized exchange and automated market maker Balancer resulted in more than $100 million in digital assets being stolen.
In a Monday X post updating users on the exploit, Balancer said the incident was “isolated to V2 Composable Stable Pools and does not impact Balancer V3 or other Balancer pools.”
The platform added that it had “undergone extensive auditing by top firms, and had bug bounties running for a long time to incentivize independent auditors,” calling into question how the exploit was accomplished.
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