Pray, allow me to impart the latest tidings from the realm of Balancer, where fortunes are as fickle as the affections of a certain gentleman from Hertfordshire. On a Thursday, no less, two most industrious members of the Balancer protocol community did present a proposal, outlining a scheme for the distribution of a portion of the funds retrieved from the protocol’s most lamentable $116 million exploit of November past. 😱
Of this prodigious sum, approximately $28 million was recovered by the combined efforts of white hat hackers, internal rescuers, and StakeWise-a platform for Ether liquid staking, which, I daresay, proved itself most useful in this hour of need. 🦸♂️
However, the proposal in question concerns itself solely with the $8 million reclaimed by the white hat hackers and internal rescue teams, while the nearly $20 million secured by StakeWise shall be distributed separately to its users. A most curious division, would you not agree? 🤔
The authors of this proposal, with a gravity befitting the occasion, suggest that all reimbursements ought to be non-socialized. That is to say, funds are to be returned only to those specific liquidity pools which suffered the loss, and apportioned on a pro-rata basis according to each holder’s share in the pool, as represented by Balancer Pool Tokens (BPT). A most equitable arrangement, one might suppose. ⚖️
Furthermore, they insist that reimbursements be paid in-kind, with the victims of this most heinous hack receiving payment in the very tokens they lost, to avoid the inconvenience of price mismatches between different digital assets. A prudent measure, indeed, though one wonders if it shall suffice to soothe the wounded pride of those affected. 💰
The Balancer hack, as Deddy Lavid, the CEO of the blockchain cybersecurity firm Cyvers, has observed, was one of the “most sophisticated” attacks of 2025, underscoring the pressing need for crypto user safety as security threats continue their relentless evolution. A most sobering reminder, is it not? 🛡️
Audits, Audits, and Yet the Code Was Breached! 📜
It is a truth universally acknowledged that Balancer’s code has been audited no fewer than 11 times by four distinct blockchain security companies, as documented on the platform’s GitHub page. And yet, despite these diligent efforts, the platform fell prey to a most cunning exploit. One cannot help but question the efficacy of such audits-do they truly guarantee the safety of the code, or are they but a mere formality? 🤨
In their post-mortem report of November 5th, Balancer revealed the root cause of the hack: a most sophisticated exploit targeting a rounding function employed in EXACT_OUT swaps within its Stable Pools. This rounding function, designed to round down when token prices are input, was cunningly manipulated by the attacker to round up instead. A most devious scheme, combined with a batched swap-a single transaction containing multiple actions-to drain funds from Balancer’s pools. One can only marvel at the audacity of it all! 🕵️♂️
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2025-11-27 22:08