Balancer Protocol Hit by Frontend Attack
The team behind the Balancer protocol has confirmed that the platform is currently under a frontend attack and has advised users to avoid interacting with its interface. Balancer, an automated market maker on the Ethereum blockchain, is the latest decentralized finance (DeFi) protocol to fall victim to such an attack. While details of the incident are still being investigated, users have been warned not to engage with the protocol’s website until further notice. A blockchain investigator has estimated that approximately $238,000 in cryptocurrency has been stolen so far. This attack marks the second time Balancer has been compromised in less than a month.
Malicious Contract Approval
Visitors to Balancer’s website are prompted to approve a malicious contract from their non-custodial wallets, resulting in the theft of funds. Following the news of the attack, Balancer’s native token, BAL, experienced a 4% drop in value, falling to $3.28. The previous attack on Balancer exposed a critical vulnerability and resulted in losses of almost $900,000. However, it is now known that 0.42% of the total locked value in the protocol, equivalent to $2.8 million, was at risk during that incident.
Hot Take: Balancer Faces Repeated Security Breaches
Balancer’s recent frontend attack highlights ongoing security concerns within the DeFi space. As more users flock to these platforms for their financial activities, it becomes increasingly crucial for protocols to implement robust security measures and undergo rigorous audits. The repeated breaches suffered by Balancer underscore the need for continuous monitoring and prompt response to vulnerabilities. Users should exercise caution when interacting with DeFi protocols and stay informed about potential risks before engaging with these platforms.
Sources: Twitter, Crypto News
By
By
By
By
By
By