Balancer warns some LPs to remove liquidity ASAP because of a "related issue"

Published at: Jan. 6, 2023

In a Jan. 6 tweet, Balancer warned certain liquidity providers to remove their LPs "ASAP" as there is an ongoing issue related to some of the protocol's pools. Other pools have had their fees set to zero by the balancer emergency multisig, which the team claims to have "mitigated" the issue. Not all pools could be mitigated in this way, however.

Balancer listed the pools that need to be withdrawn include DOLA / bb-a-USD on Ethereum, It's MAI life and SmellsLike Spartan Spirit on Optimism, and Tenacious Dollar on Fantom.

IMPORTANT: Because of a related issue, LPs of the following pools should remove their liquidity ASAP as the issue cannot be mitigated by the emergency DAO. https://t.co/WcBeBvjdY2

— Balancer (@Balancer) January 6, 2023

At 2:03 a.m. UTC on January 6, Balancer took to Twitter to announce an "issue" with liquidity pools on the platform. It stated that protocol fees have been set to zero to mitigate the issue. The company said that the issue "will be publicly disclosed in the near future.

Protocol fees of some Balancer pools have been set to 0 to avoid an issue that is now mitigated and will be publicly disclosed in the near future.This has been done by the emergency multisig, a 4/7 comprised of BLabs engineers and Balancer Maxis: https://t.co/AZo7yBQD17

— Balancer (@Balancer) January 6, 2023

This story is ongoing, and will be updated as more information comes in.

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Defi
Hacks
Cybersecurity
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