/biz/ - Business & Finance

>>20002517
Medfren has a team of attorneys working on it, doesn't he?

Balancer had nothing to do with this, their documentation explicitly states that pooling deflationary tokens may result in loss of funds. If you lost your funds in this hack all blame lies on you for buying into this stupid STONK and STA crap. If you had stuck to staking trusted ERC20 tokens nothing would have happened.

>>20002605
isn't he just talking shit

>>20002656
You dumb or stupid? Read the damn tweet. They're denying that such issue was possible. Yet Hex Capital addressed this issue in the bounty bug program but the balancer guys ignored the bug. It's all on them. This doesn't only concern deflationary projects but all projects that use Balancer. There is no transparancy. The devs fucked up and they gon pay for it.

>>20002707
>t. med

only pools with garbage were affected
play stupid games with stupid prizes

>>20002723
Sure for now. Can't wait until another "hacker" drains the MKR pool.

>>20002605
>Medfren

Are you talking about the same Med that fat fingered the DMG buy and lost 40k... Don't tell me he lost money on this one too

>>20002745
I'll laugh even harder
I'm not dumb enough to put my life savings in a contract people were using for barely a month

>>20002707
The warning was always right there in the documentation. The only thing they didn't foresee was that the funds could be drained instantly through flash loans. Honestly that hacker deserves his 500k with a sophisticated attack like that and if you lost your funds it's 100% on you.

>>20002755
exactly him lmao

>>20002857
top kek..

Has anyone on biz ever lost more money than him in a single week?

>>20002895
I don't think so. I hope he doesn't neck. Seems like a nice guy.

>>20002605
We're taking them to Kleros court. We're going to destroy them.

>>20002976
Bullish for Kleros

>>20002976
>Taking him to Kleros court to get the money back...

MY FUCKING SIDES...

here's more

Apparently, the attack was described exactly to Balancer Labs and they chose to ignore it (and not pay bounty).

And these guys are trusted to hold pools

u cucks can do nothing about it, you are supposed to review the code yourself when you invest into something or use smart contracts. MUH DEFI

>>20003283
Finally they take full responsibility.

>>20002517
Bump

ive known but this problem for weeks. i warned you guys but you imberciles getting shilling. fucking get rekt mongoloids

>>20003893
u didnt know shit wallad

so there's a chance the bug is fixed and liquidity restored by balancer? I mean, if shit hits the fan and them guys feel cornered?

considering they were warned a month before of such exploit, ignored it, did not bother to warn anyone and now are trying to save face..

they have what, 50m usd in BAL tokens not locked up. It's 1% to make it right for their own fault. If they don't, balancer is going to go to shit real quick.

we'll see what "I'll take full responsibility" means.

>>20004083

The best way would be the Balancer guys restore the pool with their own funds and fix the problem for future growth.

Otherwise, the fact that they were alerted to this exploit in early May, chose not to pay the bounty and this happens means their business is fucked. Who knows what other exploits they choose to ignore.

The flash loans part doesn't matter, it could be anyone with a big enough wallet.

>>20004083
Atm everyone's hoping it's just a white hat hacker and they'll give it back. It sounds sketchy as fuck that the balancer pool hasn't been hacked earlier or been allowed to reach 2M when the pool was sitting at 350k-400k for like 4 weeks and was seeing a 100k surge in 4 hours and suddenly the flash loaner would want to steal a puny 500k over say 50 million.

A white hat hacker evaluates the security posture of an organization by identifying potential vulnerabilities. These professionals fortify a firm's security before a hacker can exploit the existing flaws. How much do white hat hackers make? White hat hackers are also known as ethical hackers.

>>20004083
That's a long shot. Expect Balancer to cover their ass in everyway possible and just HODL.

>>20002517
>we need to do better
I hate that fucking phrase as much as I hate "yikes," "that won't do chief" and "not a good look."
Everyone that talks like that is a retarded faggot.

>>20004160
hmm yeah, considering buying back in. I sold my all my stack yesterday. But since I got in early and had taken profits aIong the way I'm still in the green.
Feels too risky tho

>>20004160

Well they have to do something. Covering 500K is better than losing millions. Damage control time:

https://cointelegraph.com/news/defi-protocol-balancer-hacked-through-exploit-it-seemingly-knew-about

https://cryptobriefing.com/balancer-pool-exploited-over-500000-funds-lost/

>>20004156
You mean a grey hat hacker. A white hat hacker would have been employed by either STA or Balancer to evaluate the security of the systems. A grey hat does this of his own accord but may not financially benefit from it, he just wants to bring attention to the security flaw. And finally a black hat is a thief. You can hope all you want for the grey hat scanrio but let's be real, if you found an exploit that allowed you to make 500k in a second, are you really gonna just give it back and go "oh you guys, see how easy that was! better secure up!!! :)"...yeah right. You're damn near set for life with that.