Funds Safe! Berachain Confirms Balancer V2 Security and Deploys Hard Fork Update
Key takeaways:
- Berachain distributed a hard fork binary to fix the Blancer V2 exploit.
- Berachain ensures that the funds are safe in the hands of a ‘white hat’ hacker.
- The platform will resume once the funds are back and the hard fork is 100% implemented.
- BERA token is 7% down as the investors are skeptical about the timing of the restart.
Berachain has distributed an emergency hard fork binary to address yesterday’s Balancer V2 exploit that caused the theft of $116 million worth of blockchain assets. The hack was organized using the vulnerability in a specific function that failed to check the permissions. This allowed the perpetrators to withdraw the funds from vaults on Ethereum, Arbitrum, Base, Polygon, Optimism, and Sonic.
Following the upgrade of the binary for the hard fork by all the validators and the recovery of all the affected funds, Berachain will restart the network. Berachain clarified on X (Twitter) that the BEX funds are currently in the hands of a white hat hacker, who has agreed to pre-sign transactions to return the funds once the blockchain is live.
Berachain’s native token $BERA witnessed a sudden decline following the hack, with 24-hour charts indicating a nearly 8% downtrend. Since the open-source code of Balancer is being used on multiple other networks, the protocols such as Beets on Sonic and Beethoven on Optimism were also impacted.
Berachain Ensures the Return of the Funds
Berachain stated on X that the hacked cryptos are now in the wallets of a ‘white hat’ hacker, ensuring that the funds are safe. The assets will be returned soon to the Berachain deployer address “0xD276D30592bE512a418f2448e23f9E7F372b32A2.” The platform also revealed that multiple safety measures will be implemented once the chain is live again.
“We’re also in conversation with the current holder of the BEX funds, a MEV bot operator who has been live on Berachain for a few months. He has indicated that he is a white hat and is willing to pre-sign a set of transactions to transfer the funds back upon the chain going live,” Berachain added to the tweet.
Berachain (BERA) is Nearly 7% Down in the Charts
Berachain’s network is purposefully halted now, and the exact restart time has not yet been revealed by the developers. This has created uncertainty in BERA’s chart movements, and the traders are skeptical about engaging with the coin. This event has coincided with the market-wide correction, increasing the severity of the loss.
BERA is around 7% down today, with the market cap decreasing to $208 million. The coin is now 90% down from the all-time high it achieved 9 months ago.
Will Berachain (BERA) Rebound in the Charts? Weekly Price Prediction
Despite the hack, Berachain remains a highly potent project due to its fundamentals, upcoming roadmap plans, and community support. It appears as a valuable addition to the portfolio of long-term holders. However, the short-term price forecast suggests the continuation of the current downtrend, primarily due to uncertainty regarding the restart of the project. The weekly price prediction is provided below.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 05/11 | Wednesday | $1.628 | $1.684 | $1.656 |
| 06/11 | Thursday | $1.571 | $1.64 | $1.6055 |
| 07/11 | Friday | $1.596 | $1.633 | $1.6145 |
| 08/11 | Saturday | $1.639 | $1.649 | $1.644 |
| 09/11 | Sunday | $1.62 | $1.662 | $1.641 |
| 10/11 | Monday | $1.349 | $1.627 | $1.488 |
| 11/11 | Tuesday | $1.406 | $1.476 | $1.441 |
Disclaimer: This BERA price forecast is based on predictive modeling and should not be considered financial advice.
Concluding Thoughts: Is BERA a Safe Investment at the Moment?
Since Berachain has halted its operations until the completion of the hard fork implementation and the return of the funds, investors are advised to wait or proceed with extreme caution. Try to do maximum research on your own before finalizing your entry or exit points on the BERA coin. You can learn more about Berachain’s current situation by accessing its official announcements, blogs, and community discussions.
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