Balancer Labs Warning: Withdraw Funds from $6.3M Liquidity Pools Now

9. Januar 2023

– Balancer Labs issued a statement warning certain liquidity providers to withdraw their funds from 5 liquidity pools totaling $6.3 million
– The five pools in question include Tenacious Dollar on Fantom, It’s MAI life, and Smells Like Spartan Spirit on Optimism, as well as DOLA / bb-a-USD on Ethereum.
– Balancer Labs has set some of the pools‘ fees to zero in order to mitigate the issue.

Balancer Labs, the company in charge of managing the development of Balancer (BAL) DeFi, recently released a statement warning liquidity providers to withdraw their funds from five liquidity pools. The statement was released on Twitter and came with a dire warning for users of the five pools. According to Balancer, the five liquidity pools total $6.3 million and include Tenacious Dollar on Fantom, It’s MAI life, and Smells Like Spartan Spirit on Optimism, as well as DOLA / bb-a-USD on Ethereum.

The statement also mentioned that Balancer Labs has put some pools‘ fees to zero in order to mitigate a related issue. This means that even though fees will still be collected by the pools, Balancer’s liquidity providers will not be able to earn transaction fees on these pools.

Balancer Labs has also said that liquidity providers do not need to take any additional action if an emergency multisig has set a pool’s transaction costs to zero. They have also said that the issue will be publicly disclosed in the near future.

Therefore, Balancer Labs is urging liquidity providers to remove their liquidity from the five pools as soon as possible. It is important for users to understand the implications of this issue and to act accordingly to protect their funds. By withdrawing their funds from the pools, users can avoid any potential losses.

In conclusion, Balancer Labs has issued a statement warning liquidity providers to withdraw their funds from five liquidity pools. The five pools total $6.3 million and include Tenacious Dollar on Fantom, It’s MAI life, and Smells Like Spartan Spirit on Optimism, as well as DOLA / bb-a-USD on Ethereum. Balancer Labs has set some of the pools‘ fees to zero in order to mitigate the issue, and is urging liquidity providers to withdraw their funds from the pools as soon as possible.

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