Balancer, an Ethereum-based decentralized finance (DeFi) automated market maker (AMM) protocol, has warned users to avoid its website following an attack on its frontend.
A Hack Attack Has Occurred On Balancer
Balancer, an Ethereum-based decentralized finance (DeFi) automated market maker (AMM) protocol, has warned users to avoid its website following an attack on its frontend. Users are advised not to interact with the Balancer user interface until further notice.
PeckShield reported that at least $238,000 in crypto has been stolen while the details of the attack are being investigated. Users have reported being prompted to approve a fraudulent contract that empties their wallets. This is the second Balancer attack in less than a month, with a previous vulnerability resulting in ~$1 million exploit. Users are advised to leave impacted pools to avoid further exploits.
Balancer has advised users not to interact with the balancer UI until further notice. The incident highlights the need for increased security measures in the DeFi ecosystem and the importance of conducting thorough audits of smart contracts.
The attack on Balancer is the latest in a series of security breaches that have plagued the DeFi space in recent years. The DeFi space has been growing rapidly, and with that growth comes increased attention from hackers and bad actors. The industry needs to take proactive measures to ensure the security of its protocols and the safety of its users.
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