Million

Security

Balancer

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125225/330793/defi-hacked.jpg" alt="" srcset="https://cimg.co/news/125225/330793/responsive-images/defi-hacked___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/125225/330793/responsive-images/defi-hacked___media_library_original_900_600.jpg 900w, https://cimg.co/news/125225/330793/responsive-images/defi-hacked___media_library_original_720_480.jpg 720w, https://cimg.co/news/125225/330793/responsive-images/defi-hacked___media_library_original_600_400.jpg 600w, https://cimg.co/news/125225/330793/responsive-images/defi-hacked___media_library_original_300_200.jpg 300w" sizes="100vw" width="1200" class="content-img"><figcaption>Source: Pixabay</figcaption></figure>Balancer, the Ethereum-based decentralized finance (<a href="https://cryptonews.com/guides/defi-guides/">DeFi</a>) protocol, is facing a security breach, marking the second such incident in less than a month.&nbsp;The platform issued a warning to its users after detecting an attack on its frontend, urging them to refrain from interacting with the Balancer user interface until further notice.The breach was revealed to the community on September 19th, around 11:49 pm UTC.&nbsp;<figure class="media"><oembed url="https://twitter.com/Balancer/status/1704281611326357567"></oembed></figure><h2 id="238-000-worth-of-crypto-stolen">$238,000 Worth of Crypto Stolen&nbsp;</h2>While the full extent of the attack is still under investigation, it has raised concerns among users and the broader DeFi community.&nbsp;Blockchain security firms, including <a href="https://twitter.com/PeckShieldAlert/status/1704306602529247294">PeckShield</a>, and blockchain analyst ZachXBT, estimate that approximately $238,000 in cryptocurrency has been siphoned off.<figure class="media"><oembed url="https://twitter.com/zachxbt/status/1704286832844828914"></oembed></figure>The attack's modus operandi appears to involve hijacking the Balancer domain, Balancer.fi.&nbsp;Users who accessed the compromised website were prompted to approve a malicious contract, unknowingly facilitating the draining of their wallets.&nbsp;Reports from affected users indicate that this deceptive approach has been quite effective.Despite the ongoing investigation, <a href="https://twitter.com/DefiantNews/status/1704305237929173479">Balancer contributor Cosme Fulanito</a> has provided some assurance that the protocol's vault remains "100% fine."&nbsp;This suggests that user funds held in the protocol may not have been affected, though official confirmation from the company is still pending.<h2 id="balancer-protocol-exploited-for-2-million-a-month-ago">Balancer Protocol Exploited for $2 Million a Month Ago</h2>This security breach comes as a disconcerting sequel to Balancer's recent vulnerability scare in August, where the protocol warned users of a critical vulnerability.&nbsp;Just days after the initial warning, the platform <a href="https://cryptonews.com/news/balancer-protocol-exploited-for-900k-despite-prior-vulnerability-alert.htm">suffered an estimated $2 million exploit</a> linked to the vulnerability.&nbsp;Although mitigation measures had been implemented to reduce risks, affected liquidity pools could not be paused, leading to the urgent withdrawal advisory for users.The Balancer team has learned from the previous incident and acted swiftly to investigate and contain the breach.&nbsp;Users are now advised to exercise extreme caution, refraining from any interaction with the platform's user interface until the situation is resolved, highlighting the constant battle for security and trust within the DeFi space.
]]>

DeFi Protocol Balancer Faces Another Security Breach After Being Exploited for $2M a Month Ago

Table of Contents

Cryptonews.com

Other articles published on Sep 20, 2023

Circle Launches USDC Stablecoin Natively on Polkadot, Boosting DeFi Ecosystem

XRP overtakes SOL as the most traded altcoin in the U.S.

NEOPIN Membership Season 1 Reward Claim Details

Crypto Expo Dubai 2023 Unveils Premier Sponsors and Stellar Speaker Lineup

Metacade Tokens Opened Up to Millions More Investors via Bitget Exchange Listing

Japanese Bank Nomura Launches “Long-Only” Bitcoin Exposure Fund

Join our free newsletter for daily crypto updates!