{"id":137783,"date":"2020-06-29T19:40:39","date_gmt":"2020-06-29T18:40:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=137783"},"modified":"2020-06-29T19:40:39","modified_gmt":"2020-06-29T18:40:39","slug":"defi-risks-hackers-drain-500k-in-link-wrapped-eth-and-other-alts-from-balancer-pools","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/defi-risks-hackers-drain-500k-in-link-wrapped-eth-and-other-alts-from-balancer-pools\/","title":{"rendered":"DeFi risks; Hackers drain $500k in LINK, wrapped ETH, and other alts from Balancer pools"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Hackers made away with $500k worth of Wrapped Ether, Chainlink, and Synthetix from Balancer pools early on Monday, after a deflationary token model was taken advantage of.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balancer addressed the issue soon after, confirming the hack and stating the protocol was not compromised. All other tokens remain unaffected, and the exchange continues to function.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On the incident with non-standard ERC20 deflationary tokens today.<a href=\"https:\/\/t.co\/xgYxBTDVvK\">https:\/\/t.co\/xgYxBTDVvK<\/a><\/p>\n<p>&mdash; Balancer Labs (@BalancerLabs) <a href=\"https:\/\/twitter.com\/BalancerLabs\/status\/1277404809679769601?ref_src=twsrc%5Etfw\">June 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>$500k stolen<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Two balancer pools were affected on Monday morning after hackers used a vulnerability in the contract models of a token, Statera (STA), which runs on a \u201cdeflationary\u201d model.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balancer pools are a type of automated market makers (AMM), providing on-chain liquidity for multiple assets and keeping them <\/span><i><span style=\"font-weight: 400;\">balanced<\/span><\/i><span style=\"font-weight: 400;\"> in certain proportions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the incident, hackers sent a <\/span><strong><a href=\"https:\/\/etherscan.io\/tx\/0x013be97768b702fe8eccef1a40544d5ecb3c1961ad5f87fee4d16fdc08c78106\">complex transaction<\/a><\/strong><span style=\"font-weight: 400;\"> to Ethereum Mainnet which caused an attack on one of the Balancer Pools, <\/span><strong><a href=\"https:\/\/medium.com\/@1inch.exchange\/balancer-hack-2020-a8f7131c980e\">as per a report<\/a><\/strong><span style=\"font-weight: 400;\"> by 1inch exchange, a DEX aggregator. Soon after, another transaction led to the draining of funds from another Balancer Pool.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our investigation of $500k hack from <a href=\"https:\/\/twitter.com\/BalancerLabs?ref_src=twsrc%5Etfw\">@BalancerLabs<\/a> multi-token pools with deflationary tokens ?\ufe0f\u200d\u2642\ufe0f <a href=\"https:\/\/t.co\/yCuYWpBAzM\">https:\/\/t.co\/yCuYWpBAzM<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/DeFi?src=hash&ref_src=twsrc%5Etfw\">#DeFi<\/a><\/p>\n<p>&mdash; 1inch.exchange (@1inchExchange) <a href=\"https:\/\/twitter.com\/1inchExchange\/status\/1277404211819446273?ref_src=twsrc%5Etfw\">June 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Using a sophisticated approach, the attacker used an automated smart contract to run multiple actions in a single transaction. The first step involved taking out a \u201cFlashLoan\u201d of 104k WETH from dYdX (another DEX).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The funds were used to swap WETH to STA token <\/span><b>over 24 times<\/b><span style=\"font-weight: 400;\">, causing STA balances to be drained until it became 1 weiSTA (0.000000000000000001 STA).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above was possible as the STA token ran on a deflationary model with transfer fee of 1 percent charged from a recipient. This meant every time the attacker swapped WETH to STA, the Balancer pool received 1 percent less STA than was expected, 1inch noted, adding:<\/span><\/p>\n<blockquote><p><b>\u201cAs the next step, the attacker swapped 1 weiSTA to WETH multiple times. Due to STA token transfer fee implementation, the pool never received STA but released WETH regardless.\u201d<\/b><\/p><\/blockquote>\n<h2>Full circle and DeFi risks<\/h2>\n<p><span style=\"font-weight: 400;\">Similar steps were used to drain WBTC, SNX, and LINK token balances from the pool. The hacker reached full circle by repaying the WETH FlashLoan dYdX. All the stolen funds can be tracked and viewable on <\/span><strong><a href=\"https:\/\/etherscan.io\/address\/0xbf675c80540111a310b06e1482f9127ef4e7469a\">this address<\/a><\/strong><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">STA was advised of its deflationary model being broken before listing on Balancer, as some on Twitter observed:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Well, <a href=\"https:\/\/twitter.com\/search?q=%24STA&src=ctag&ref_src=twsrc%5Etfw\">$STA<\/a> team was only told over & over & over that they weren&#39;t going to get <a href=\"https:\/\/twitter.com\/search?q=%24BAL&src=ctag&ref_src=twsrc%5Etfw\">$BAL<\/a> incentives due to the deflationary nature of their token and that, in fact, something bad might happen with the <a href=\"https:\/\/twitter.com\/BalancerLabs?ref_src=twsrc%5Etfw\">@BalancerLabs<\/a> smart contracts, which were not designed for deflationary tokens.<\/p>\n<p>&mdash; Nicholas K??????apels (P\u16b1of K) (@shanghaipreneur) <a href=\"https:\/\/twitter.com\/shanghaipreneur\/status\/1277387781883428865?ref_src=twsrc%5Etfw\">June 28, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">At press time, STA is down over 80 percent. Relevant tweets on the subject show the community is not pleased, and <\/span><strong><a href=\"https:\/\/mobile.twitter.com\/Dogetoshi\/status\/1277342498998927362\">some are threatening legal action<\/a><\/strong><span style=\"font-weight: 400;\"> against Balancer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, \u201cHex Capital\u201d claimed to have appraised the issue to Balancer Labs at an earlier time, but receiving no response on the subject:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/StateraProject?ref_src=twsrc%5Etfw\">@StateraProject<\/a> pool was drained because Balancer Labs refused to acknowledge this critical vulnerability I alerted them about in MAY. This is a major issue in crypto today &#8211; creating bug bounty programs and then ignoring the results + refusing to pay out. We need to do better<\/p>\n<p>&mdash; Hex Capital (@Hex_Capital) <a href=\"https:\/\/twitter.com\/Hex_Capital\/status\/1277430080990441472?ref_src=twsrc%5Etfw\">June 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hackers made away with $500k worth of Wrapped Ether, Chainlink, and Synthetix from Balancer pools early on Monday, after a deflationary token model was taken advantage of. Balancer addressed the issue soon after, confirming the hack and stating the protocol was not compromised. All other tokens remain unaffected, and the exchange continues to function. On [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":137852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,16041],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DeFi risks; Hackers drain $500k in LINK, wrapped ETH, and other alts from Balancer pools<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/defi-risks-hackers-drain-500k-in-link-wrapped-eth-and-other-alts-from-balancer-pools\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi risks; Hackers drain $500k in LINK, wrapped ETH, and other alts from Balancer pools\" \/>\n<meta property=\"og:description\" content=\"Hackers made away with $500k worth of Wrapped Ether, Chainlink, and Synthetix from Balancer pools early on Monday, after a deflationary token model was taken advantage of. Balancer addressed the issue soon after, confirming the hack and stating the protocol was not compromised. All other tokens remain unaffected, and the exchange continues to function. 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