Amongst this craze of De-Fi and higher interest rates many users forgot that it is still a very new place and probably not that secured. The De-Fi ecosystem has gone on to see exponentiation heights and experienced parabolic rise and that attracted every kind of user towards it. But after this hack will we see the same kind of growth here remains to be seen.
According to this tweet pool providing liquidity via WETH and STA has been drained of $500K worth of crypto. Mike McDonald, the co-founder of Balancer Labs has confirmed the same that a hack took place. He also advised against creating a pool using a token that is deflationary in nature and has its own transaction fee (STA in this case).
These funds were used to swap WETH to STA token back and forth 24 times which drained STA balance from the pool. […] Every time the attacker swapped WETH to STA, the Balancer Pool received 1% less STA than was expected
Following were the altoins stolen.- WETH, SNX, WBTC, LINK.
You can read this report made by 1inch Exchange for more in-depth information.