Balancer Sends Message To $128M Hacker, Offers Bounty Arrangement
The Decentralized Autonomous Organization (DAO) behind troubled DeFi protocol Balancer has issued a notice to the wallet behind a $128 million heist of the money maker project. The Balancer DAO is requesting that the hackers cooperate to resolve the situation or face an escalation in any form necessary.
Related Reading: Ripple CLO Sees ‘Skinny’ Fed Account As Solution To Banking Concerns, Touts BenefitsBalancer To Hacker: Take Bounty Or Risk Persecution
On Monday, Balancer suffered a major security breach resulting in the loss of assets worth over $100 million. According to the report by the protocol’s development team, the attack affected the balancer V2 composable stable pools, which were outside the pause window due to their long-standing live on-chain period.
Bitcoinist reported that the hackers deployed a malicious contract targeting at altering vault calls during these pools’ initialization and eventually dodging security protocols to steal about $70 million in Ethereum, among other assets.
In an X post on Friday, the Balancer DAO, which serves as the protocol’s governing body, shows its efforts in reaching out to the hacker’s wallet via a blockchain message. The DAO is presenting an opportunity for an amicable settlement without any escalation or legal involvement.
The DAO said:
Notably, the message also includes an offer of a bounty, which allows the hacker to keep a percentage of the loot legally.
The DAO added:
With no reply by the specified deadline, the governing body intends to employ all technical, on-chain, and legal means to identify the attacker and initiate a persecution. Interestingly, they have also warned that the bounty offer will be given as a reward to any potential informant with relevant information on the attackers.
BAL Price Overview
At the time of writing, BAL, the native token of Balancer, is now trading at $0.8547 following a 4.54% gain in the last day. However, the negative sentiment surrounding the recent hack amid a broader market correction is reflected in its weekly loss of 13.26%.
Featured image from Securities.io, chart from Tradingview.com
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