Crypto investors are startled with a new hacking announcement almost every week. Another one has just been announced. DeFi exploitation has caused billions of dollars in losses so far. Now, Balancer, with a total locked value (TVL) of over 800 million dollars, has been hacked.
Why is BAL Token Falling?
BAL Token price has dropped after the recent exploitation announcement. Balancer announced that many liquidity pools have been attacked. Balancer, with hundreds of millions of dollars in TVL, stated the following:
“Balancer received a critical vulnerability report that affected a series of V2 Pools. Emergency risk mitigation procedures have been implemented to secure the majority of TVL, but some funds continue to be at risk. Users are advised to immediately withdraw their funds from affected liquidity pools. The Balancer user interface will inform all users with liquidity in affected LPs step by step instructions on how to withdraw their funds.”
Following the news, BAL Token price dropped to $3.43. At the time of writing, the price was at $3.5.
