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Balancer will compensate users who lost $450,000 for hackers and reward ”white hat hacker” who spotted the breach.

 

The balancer pool who got hacked recently will compensate all the victims who was affected by the exploit and lost almost $450,000 in crypto assets, alongside will reward the hacker who in May 6 spotted the breach on the protocol. 

The white hat hacker will receive the high reward from the team from their bounty program after the management decided it because he was the one flagged the vulnerability that took the hacker to steal crypto worth $450,000. The hacker (researcher) spotted the bug on May 6 and reported it to the balancer team, unfortunately they didn’t took it serious as wanted and he describes exactly how the hacker did to stole the balancer pools funds.

Fun fact is that the  balancer team didn’t want to pay the bounty to the “white hat hacker” after being flagged considering it practical viable to be realized! Sad is that it happened and the pools lost more than $450,000 on the attack.

The team didn’t released any details about their reimbursement policy but in few days they will announce on their dedicated channels how it gonna be realized.

I believe that it’s time to notice critical vulnerability when it flagged by someone, and take care of it when they still can, now they will have to pay back all the stolen funds to the users also reward the hacker who discovered the failure on the smart contract, they learned hard and paid the bill of $450,000.

Next time they will trust more they bug bounty program researchers or will pay another check, maybe this time the hacker could steal millions from the pools, who knows?!

#remember to stay protected from COVID-19, stay home.

*download Brave Browser protect your privacy.

**find also the article at Uptrennd platform from my authorship.

**free image from pixabay with no copyright infringement and with rights for commercial use.

 

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