Balancer Cracks $116M Hack Code, Launches Rapid Defense

BriefBits Crypto: This week's most important developments in Crypto world

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Discover how cutting-edge DeFi security fixes, innovative stablecoin adoption in Brazil, and institutional tokenization milestones are shaping crypto’s next frontier.

In today's edition:

Balancer’s rapid response to a major exploit underscores evolving DeFi security challenges.
OKX’s new tools are making stablecoins a seamless everyday currency for Brazilians.
Institutional interest surges with $500M in onchain value on Aave’s real-world asset platform.

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Security

Balancer Uncovers Root Cause of $116M Hack, Launches Swift Mitigation Efforts

Briefly: Balancer traced the $116.6 million exploit to a rounding bug in its token swap function, triggering cross-chain asset losses and prompting immediate security actions including pool freezes and cooperation with whitehat teams to recover funds.

Key Information:

The hack exploited a rounding logic bug in Balancer’s 'upscale' function, allowing manipulation of pool balances across Ethereum, Arbitrum, Base, and Polygon.
Key stolen assets include 6,587 WETH, 6,851 osETH, and 4,260 wstETH with partial recovery of about $19 million osETH by StakeWise.
Balancer halted vulnerable pools, disabled new pool creation, and paused rewards while collaborating with security partners and community whitehats.
Automated bots and manual tracing have intercepted and returned hundreds of thousands of dollars, with a thorough audit underway to finalize losses and recovery.

Adoption

OKX Empowers Brazilians to Use Stablecoins as Everyday Dollars with New Wallet and Mastercard

Briefly: OKX has launched a stablecoin wallet integrated with Brazil’s PIX system and a USD Mastercard debit card, enabling Brazilians to instantly convert Reais to stablecoins, earn up to 10% APY, and spend dollars globally while avoiding costly conversion fees and taxes.

Key Information:

OKX Pay wallet lets users convert Brazilian Reais to stablecoins instantly via PIX payments.
Users can earn up to 10% annualized yield on stablecoins with daily interest and weekly payouts, without lock-up periods.
The USD Mastercard debit card enables worldwide stablecoin spending online and in-store, bypassing Brazil’s IOF foreign transaction tax and conversion fees.
This ecosystem creates a smooth dollarized experience for Brazilians, democratizing access to global finance beyond traditional brokers.

🏃 Crypto Snippets

DeFiSecuritize and VanEck expanded the use of tokenized Treasury fund VBILL as collateral on Aave’s Horizon platform, marking a big stride in bridging traditional finance with DeFi through real-world assets.

PaymentsArx Research introduced the Burner Terminal, a compact device enabling merchants to accept stablecoins via tap-to-pay alongside traditional card payments, aiming to streamline crypto usage in everyday transactions.

InstitutionalFranklin Templeton launched a tokenized US Government Money Fund in Hong Kong, opening digital access to U.S. government debt for institutional investors and signaling growing institutional interest in blockchain-based assets.

RegulationThe Bank of England pledged to roll out stablecoin regulations as swiftly as the U.S., focusing on caps for holdings to protect financial stability tied to mortgage markets.

TechMEXC exchange launched Smart Candles, an AI-powered tool that analyzes candlestick charts and news impact to help traders better anticipate price moves, joining a wave of AI integrations in crypto trading platforms.

PolicyCircle updated its USDC terms to permit lawful firearm purchases, reversing a previous ban and aligning with U.S. constitutional rights, sparking strong reactions from gun rights advocates.

📈 Numbers and Trends

OKX launched a stablecoin wallet and Mastercard debit card in Brazil, allowing up to 10% APY on stablecoin holdings with daily interest calculations and weekly payments.
Securitize expanded VanEck’s tokenized Treasury fund VBILL to Aave’s RWA platform Horizon, which holds over $500 million in onchain market value.
Balancer reported a $116.6 million hack due to a rounding bug, with StakeWise recovering $19 million worth of stolen osETH tokens.
Coinbase Europe settled an enforcement action with a €21.5 million fine after failing to monitor more than 30 million transactions worth over €176 billion properly.
Strive raised $160 million in Bitcoin buying power through an upsized preferred stock offering priced at $80 per share with a 12% dividend.

💬 Quote of the Day

This step combines the safety and transparency of tokenized Treasuries with DeFi’s efficiency, marking significant progress in institutional DeFi adoption.

Kyle DaCruz

Securitize, VanEck expand VBILL to Aave RWA platform Horizon

1️⃣ Number of the Day

$500 million - Onchain Market Value of Aave's Horizon RWA Platform

Aave's Horizon platform has rapidly grown to over $500 million in onchain market value, highlighting significant institutional adoption of real-world asset tokenization and marking a key milestone in bridging traditional finance with decentralized finance.

Securitize, VanEck expand VBILL to Aave RWA platform Horizon

Balancer Cracks $116M Hack Code, Launches Rapid Defense

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