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Berachain Halts Network to Contain Balancer-Linked Exploit, Conduct ‘Emergency Hard Fork’
- On Monday, Balancer, a decentralized finance protocol managing over $700 million, confirmed an exploit drained more than $100 million, with total losses about $128 million, PeckShield and Cyvers flagged the ongoing siphoning.
- A compromised Balancer vault access control allowed attackers to manipulate balances directly, mainly hitting a liquidity pool with ethena and honey tokens to drain over $100 million.
- Developers warned the emergency hard fork won't be simple and could involve rollback or rollfronts because stolen funds included multiple non-native assets.
- Berachain validators halted the network to enable an emergency fork isolating compromised contracts, while BAL token fell about 8% and BERA token dropped 6% on Monday.
- The exploit has rippled across DeFi to forks like Beets Finance, while BEX held over $50,000,000 and Bera said roughly $12,000,000 were at risk on Monday.
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Berachain Provides Updates On Recent Exploit And Lost Funds
The Berachain Foundation confirmed the implementation of a hard fork to patch the recent exploit in BEX’s Balancer V2 protocol. The core team also revealed that it has coordinated the recovery of the missing funds. Berachain (BERA) sharply declined on Monday following the discovery of a vulnerability in its decentralized exchange (DEX). The exploit at the Berachain exchange’s (BEX) Balancer V2 protocol also led to the loss of funds. On Tuesday, …
Coverage Details
Total News Sources50
Leaning Left3Leaning Right0Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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