LONDON (IT BOLTWISE) – The Balancer DAO has made a final appeal to the hacker responsible for stealing over $100 million in digital assets. The decentralized exchange is offering a reward for returning the stolen funds before taking legal action.
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The Balancer Decentralized Autonomous Organization (DAO) recently sent an urgent message to the owner of the wallet behind a massive crypto theft. The incident, which occurred this week, resulted in the theft of over $100 million worth of digital assets. Balancer, a decentralized exchange, has given the person(s) responsible until Saturday to return the stolen funds. In return, an unspecified reward is offered. If this does not happen, Balancer plans to take technical, on-chain and legal measures.
The exploit, which was reported to Balancer users on Monday, primarily affected staked Ether (ETH), as well as other Ethereum-based tokens such as StakeWise Staked ETH (OSETH), Wrapped Ether (WETH), and Lido wstETH (wSTETH). These assets were transferred to a newly created wallet. The incident has drawn attention to the security audits of the exchange’s smart contracts after reports showed that four security firms had audited them.
In a post-mortem report published on Wednesday, the platform explained that the hackers used a combination of BatchSwaps and the upscale rounding feature that affects EXACT_OUT swaps to exploit the v2 stable pools and Composable stable v5 pools. This technical vulnerability was cleverly exploited by the hackers to carry out the theft.
Although the on-chain message did not specify the reward amount, the Balancer team had initially stated that it would offer up to 20% of the stolen funds, or more than $20 million, as a reward. However, no one had accepted the offer at the time of publication. The situation remains tense as affected users await further updates as the investigation continues.
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