March 27, 2024
Balancer DeFi Frontend Hacked: $238K Stolen
Latest Cryptocurrency News

Balancer DeFi Frontend Hacked: $238K Stolen

Balancer, an Ethereum-based decentralized finance protocol, has issued a warning to its users following an attack on its front end. The platform informed its community on September 19 at 11:49 pm UTC, advising users to refrain from using the Balancer user interface until further notice.

The details of the attack are currently under investigation. While Balancer has not officially commented on whether user funds were impacted, Balancer contributor Cosme Fulanito has reportedly confirmed that Balancer’s vault remains secure.

However, blockchain security firms, including PeckShield, and blockchain analyst ZachXBT, estimate that approximately $238,000 in cryptocurrency was stolen at the time of this announcement.

Some users have reported encountering a malicious contract approval prompt when interacting with the website, which drains their wallets.

One industry expert explained the experience of other users as follows:

“If you open the website, it asks you to change the chain where you hold the most amount of money. After that scam transaction is sent, and after confirmation money is gone. Don’t open the website!!!”

Users attempting to access the Balancer website are greeted with a warning sign. This marks the second attack on Balancer in less than a month, following a prior warning of a critical vulnerability on August 22, which subsequently led to an estimated $2 million exploit related to the vulnerability just days later.

On August 27, the protocol’s team posted on social media, “Balancer is aware of an exploit related to the vulnerability below,” adding that while recent mitigation measures had significantly reduced risks, affected pools could not be paused. They advised users to withdraw from affected LPs to prevent further exploits.

Image by gstudioimagen1 on Freepik

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