BeraChain Foundation recovers 12.8 million dollars of funds lost in Balancer hack

JH Kim

Summary

VeraChain Foundation said it recovered 12.8 million dollars of the assets it lost in the Balancer V2 hack.
This recovery is evaluated as a case in which strengthening protocol transparency and rapid response contributed to minimizing damage.
VeraChain Foundation said it is cooperating with law enforcement agencies and exchanges to recover the remaining stolen assets.

BeraChain Foundation has recovered 12.8 million dollars of the assets it lost in the Balancer V2 hack.

On the 4th (local time), according to CryptoBriefing, a media outlet specializing in virtual assets (cryptocurrencies), BeraChain Foundation said it succeeded in tracing and recovering a significant portion of the funds lost due to a smart contract vulnerability in Balancer V2.

Earlier, Balancer suffered a large-scale hacking attack last month in which assets worth about 100 million dollars were stolen. At that time, the attacker was reported to have exploited a liquidity pool vulnerability in the V2 protocol to move various assets.

BeraChain said, "Through cooperation with the community and blockchain security firms, we recovered 12.8 million dollars of the stolen funds," and "We are cooperating with law enforcement agencies and exchanges to recover the remaining stolen assets."

This recovery is cited as a representative case of a decentralized finance (DeFi) project recovering from an external hack, and the industry has evaluated that "strengthening protocol transparency and rapid response contributed to minimizing the damage."