Ethereum-based Decentralized AMM Balancer Issues Warning Following Hack
Balancer, a decentralized automated market maker (AMM) built on Ethereum, has cautioned users against interacting with its user interface after the protocol’s frontend was attacked. The incident comes shortly after Balancer suffered a hack that resulted in the loss of nearly $1 million. The team is currently investigating the attack and has advised users to avoid using the protocol until further notice.
Attack Details and Funds Stolen
While specific details about the attack and its impact on funds have not been disclosed by Balancer, an on-chain investigator named ZachXBT revealed that the attacker had already stolen over $238,000 shortly after the warning was issued.
Prior Vulnerability Report
This recent attack follows another exploit that drained more than $970 from the platform. Prior to the attack, Balancer had received a “critical vulnerability report” affecting some of its V2 pools.
Hot Take: Balancer Urges Caution Amidst Attack
Balancer, an Ethereum-based decentralized AMM, has warned users not to interact with its user interface following a recent attack on its frontend. The team is currently investigating the incident and advises users to avoid using the protocol until further notice. This attack follows a previous exploit that resulted in significant losses for the platform. It is crucial for users to exercise caution and stay informed about potential vulnerabilities in decentralized finance platforms like Balancer to protect their assets.
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