Balancer officially announced that there was an unknown vulnerability in the v2 fund pool. While users were urged to withdraw funds as soon as possible, the TVL of Balancer v2 plummeted by nearly $200 million.

Balancer: There is a vulnerability in the v2 fund pool

Balancer disclosed a serious vulnerability in the v2 fund pool on the evening of August 22. Officials said that emergency procedures had been initiated and 80% of the problems had been mitigated. However, approximately 4% of the total TVL funds were still at risk. They also emphasized that the vulnerability had not been exploited. Take advantage and no funds are lost.

Balancer has marked the relevant fund pools as "mitigated", and the fund pools that cannot alleviate the problem are directly marked as "at risk", and users are strongly recommended to withdraw funds or migrate to other fund pools.

Relevant fund pools include:

  • Gnosis

  • zkEVM

  • Phantom

  • Polygon

  • Mainnet

  • Decision

  • Optimism

  • Avalanche

Balancer v2 had a TVL of $747 million before the unknown vulnerability was announced, which represents approximately 29.88 million user funds at risk.

Balancer stated in the early morning of the 23rd that only 1.4% of the funds in boosted pools were affected, and related fund pools had been suspended to reduce risks.

NOTE:

The majority of funds on Balancer are safe.

Only 1.4% of the total TVL is at risk, and only boosted pools are affected.

Several pools are paused to mitigate risks and will remain so, with users advised to withdraw liquidity as soon as possible.https://t.co/xcT1OfALs2

— Balancer (@Balancer) August 22, 2023

Balancer TVL loses $200 million

Despite Balancer's quick action, its TVL fell from $747 million to $546 million, a drop of about -26.9%, according to DefiLlama.

The currency price of Balancer (BAL) did not have much impact. According to CoinMarketCap, it fell by about -2.37% in 24 hours and is currently at $3.52.

Balancer officials said that they will release an analysis report as soon as possible, which will cover the details of the vulnerability and how to deal with it.

This article Balancer v2 disclosed an unknown vulnerability in the fund pool, and TVL plummeted by nearly 200 million US dollars. It first appeared on Chain News ABMedia.