Cryptocurrency

Balancer

<p>‘Web2 is not safe,’ comments Curve Finance, which also fell victim to a cryptocurrency hack resulting in a loss of $52 million at the end of July. Balancer, a decentralized finance (DeFi) protocol deployed on Ethereum, has reported a recent attack on its frontend resulting in the loss of $238,000 in cryptocurrencies. Thus, the list of DeFi hacks continues to grow. Let’s break it down!</p> 
<h2 id="h-in-brief">In brief:</h2> 
<ul> 
 <li>Balancer, a decentralized exchange (DEX) protocol running on Ethereum, fell victim to an attack resulting in the loss of approximately $238,000 in cryptocurrencies.</li> 
 <li>Balancer est un protocole DeFi spécialisé dans la création automatique de marchés (AMM) né en 2020</li> 
</ul> 
<h2 id="h-balancer-s-amm-falls-victim-to-a-crypto-hack">Balancer’s AMM Falls Victim to a Crypto Hack</h2> 
<p>Following Curve Finance (CRV), Cypher, and Stake.com, hackers have decided to strip Balancer of some cryptocurrencies. And when they plan something, they always seem to get their way.</p> 
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<p>The explanation from CoinsPaid, which also fell victim to a $37 million attack, about the modus operandi of the Lazarus Group, confirms that crypto hackers have no shortage of tools against the cybersecurity guardians of any crypto project.</p> 
<p>Hence the <a href="https://www.cointribune.com/en/crypto-curve-crv-fin-de-lultimatum-le-hacker-ironise-la-communaute-2/" target="_blank" rel="noopener noreferrer nofollow">irony</a> of the Curve Finance hacker: <em>‘I’m smarter than all of you.’</em></p> 
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     <p lang="en" dir="ltr">The balancer frontend is under an attack. The issue is currently under investigation. Please do NOT interact with the balancer UI until further notice!</p>— Balancer (@Balancer) <a href="https://twitter.com/Balancer/status/1704281611326357567?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 19, 2023</a> 
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   Balancer is urging its users to avoid its front end at all costs 
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<p><a href="https://cointelegraph.com/news/defi-protocol-balancer-hit-with-frontend-attack" target="_blank" rel="noopener noreferrer nofollow">Cointelegraph</a>, one of the crypto media outlets covering this attack, didn’t miss Balancer’s call, dated September 19th at 23:49 UTC, to suspend all interaction with this DeFi protocol until further notice.</p> 
<p>At the moment, no communication has been made regarding the status of users’ crypto funds. However, Balancer contributor Cosme Fulanito clarified that Balancer’s vault was not affected by the attack.</p> 
<p>As for the amount of funds hacked, PeckShield reported that it caused Balancer, the issuer of the crypto BAL, to lose approximately $238,000 in cryptocurrencies. And this is only a preliminary assessment.</p> 
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     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/Balancer?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Balancer</a> has reported that its frontend under an attack, ~$238k worth of cryptos were stolen <a href="https://t.co/aAaj0Xqery" rel="noopener noreferrer nofollow">https://t.co/aAaj0Xqery</a> <a href="https://t.co/YDIjfnNYM4" rel="noopener noreferrer nofollow">pic.twitter.com/YDIjfnNYM4</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1704306602529247294?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 20, 2023</a> 
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   PeckShield Confirms Cryptocurrency Theft at Balancer 
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<p>Any impact on the price of BAL, Balancer’s native cryptocurrency? So far, this crypto hacking has had little effect on the token’s price. However, we’ve observed a slight 1.8% decrease in the past 24 hours. At the time of writing this article, BAL was trading at $3.27 per token.</p>  
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BALUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BALUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
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 <div class="tradingview-widget-copyright"> <a href="https://fr.tradingview.com/symbols/BALUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BALUSD chart</span></a> by TradingView 
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<h2 id="defi-crypto-thefts-and-decline">DeFi, Crypto Thefts, and Decline</h2> 
<p>Balancer, the new crypto hack victim mentioned above, is described by <a href="https://www.kraken.com/learn/what-is-balancer-bal" target="_blank" rel="noopener noreferrer nofollow">Kraken</a> as a DeFi protocol deployed on Ethereum. Its goal is to promote the operation of DEX, using a distributed network of computers for the buying and selling of cryptocurrencies.</p> 
<p>As an AMM, Balancer allows the creation of so-called ‘Balancer pools.’ This way, crypto investors can easily access digital assets held in their wallets.</p> 
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<p>The more a trader deposits cryptocurrencies into a Balancer pool, the greater the chances of earning rewards in BAL tokens and a share of trading fees.</p>

Alert! DeFi Protocol Balancer Hacked for $238,000 in Crypto

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