June 30, 2020 Balancer Labs commits to reimbursing parties affected by recent attack.

The organization behind the noncustodial liquidity protocol Balancer has committed to reimbursing parties affected by an attack on Monday in which approximately $500,000 was maliciously extracted while also agreeing to award Ankur Agrawal who had reported the offending bug through its bug bounty program. Beyond these two steps, Fernando Martinelli, CEO, and co-founder of Balancer Labs committed the organization to an overhaul of its bug bounty review process, an increase to said bounties and an audit with the smart contract security company, OpenZeppelin.

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