Balancer BAL

[Anonymous No.19992630]

What's going on?

https://etherscan.io/tx/0x013be97768b702fe8eccef1a40544d5ecb3c1961ad5f87fee4d16fdc08c78106

[Anonymous No.19992670]

>>19992630
Everyone's talking about sueing them.

[Anonymous No.19992681]

Balancer pool doesn’t work with deflationary coins, creating a coin that relies on balancer was a mistake. Hacker exploited flash loans to arb all the sta away and take all the liquidity out

[Anonymous No.19992698]

>>19992681
>Hacker
It was the devs. Happens in crypto all the time

[Anonymous No.19992703]

>>19992681
>Balancer pool doesn’t work with deflationary coins, creating a coin that relies on balancer was a mistake. Hacker exploited flash loans to arb all the sta away and take all the liquidity out
i knew this weeks ago. sucks to pajeets huh?

[Anonymous No.19993174]

>>19992681

How much was hacked? Are all pools vulnerable to the exploit?

[Anonymous No.19993188]

>>19992670

For what?

[Anonymous No.19993192]

>>19993174
Only pools that include a deflationary coin are at risk. The guy made off with 500k usd equivalent

[Anonymous No.19993203]

>>19993174
It's a flaw with STA, not balancer

[Anonymous No.19993220]

I will never financially recover from this. How do you buy a gun on the black market?

[Anonymous No.19993226]

>>19993203

If someone stole $500k from a balancer pool, that's a flaw with balancer.

[Anonymous No.19993235]

>>19993203
It’s not a flaw with sta either. It’s a flaw with how deflationary coins interact with balancer. Any deflationary coin could be exploited like this on balancer

[Anonymous No.19993267]

>>19993203
Incorrect. It’s an issue Deflationary tokens and balancer. Which fucking sucks because I actually really supported STA in theory. I only held 20K of them and haven’t really lost much. But fucking hell thats the end of that project.

[Anonymous No.19993296]

>>19993220
you dont need a gun to kill yourself, just jump off a building

[Anonymous No.19993459]

>>19993267
>Incorrect. It’s an issue Deflationary tokens and balancer. Which fucking sucks because I actually really supported STA in theory. I only held 20K of them and haven’t really lost much. But fucking hell thats the end of that project.
bro i told you it was flawed weeks ago

[Anonymous No.19993533]

>>19992630

Balancer is finished.

[Anonymous No.19993647]

>>19993235

Why hasn’t Balancer announced something publicly? Where’s the transparency? STA has announced and says it’s an exploit in BAL pools.

[Anonymous No.19993666]

>>19993647
It’s on their discord. It involves the deflationary aspect of the token not working well with balancer. Someone posted a screenshot in the other threads

[Anonymous No.19994309]

>>19993647
The balancer team are the hackers.

[Anonymous No.19994349]

>>19993666
>It involves the deflationary aspect of the token not working well with balancer

I DONT KNOW WHAT THIS MEANS

[Anonymous No.19994388]

>>19994309

Why do you think that? Seems kind of self-defeating.

[Anonymous No.19994408]

>>19994349

Deflection? Seems like Balancer is definitely to blame here.

[Anonymous No.19994446]

>>19993666 (Check'd)
These trips confirm. Do not put deflationary tokens into balancer. This is why I, YOUR TYRANT, did not add CID to a balancer pool.
>>19994349
It means that balancer does not currently work properly with deflationary tokens, and someone exploited the flaw to scrape out the eth from the system.

[Anonymous No.19994453]

>>19994408
Not at all
>>19994349
Deflationary tokens don’t make sense with smart contracts since they send more tokens than they receive. This confounds some aspect of the balancer smart contract and so flash loans were used to exploit this interaction. There is an explanation screenshot somewhere

[Anonymous No.19994491]

>>19994408
Look, the balancer expects to receive 100 tokens when 100 tokens are sent to it. If the token is deflationary, it receives less than the 100. This in turn fucks up it's proportions in the pool. If you kick it all the way down and then withdraw the last of that token, you essentially pull out the whole pool.

[Anonymous No.19994496]

So basically, Balancer is flawed?

[Anonymous No.19994499]

>>19994453
it's the other way around, they send less than they receive

[Anonymous No.19994503]

>>19994499
Yeah whoops, sorry

[Anonymous No.19994518]

>>19994496
No, deflationary tokens themselves are flawed interacting with smart contracts. Just happens that the guy targeted sta because of the big liq. It can happen to any deflationary token in balancer.

[Anonymous No.19994571]

>>19994453
>>19994408
>>19994349
>>19993533 (check'd)
Is it finished? It says beta. They could probably fix this bug by changing the order of the processes in their code that determines the pool proportions.
>>19993296
>>19993459
>>19994499 (check'd)
As a boon to those who were demolished in the great balancer collapse of 2020, your Tyrant declares this to be a CID AIRDROP THREAD!
Drop your wallets, let's recover those losses for you.
contract below to allow confirmation.
0x4599836c212CD988EAccc54C820Ee9261cdaAC71

[Anonymous No.19994576]

We’re working on it. No cause for concern

[Anonymous No.19994602]

>>19993203
>>19993226
it's a flaw when STA is combined with a balancer

[Anonymous No.19994849]

>>19994571
0xc1bb29ee5f546eb85780dbfe1027234287bc6f61

Thanks, Tyrant.

[Anonymous No.19994896]

>>19993647
They were warned multiple times that Balancer does not support deflationary tokens and there may be unknown effects. Now they are just trying to deflect blame. Balancer is decentralized like Uniswap so it's not like the developers can stop people from making a pool. All they can do is warn them like in this case. The blame falls firmly on the STA devs and they know it.

[Anonymous No.19994927]

>>19994849
Welcome fren. On it's way at 24g. Already delivered, several cents wasted at higher gas than necessary.

[Anonymous No.19996044]

Does anyone have the explanation screenshot for how the exploit works?

[Anonymous No.19996333]

>>19994896

I thought balancer could centralize things easily after they created a centralized white list of tokens in their discord channel. am i wrong?