WEB3
by BSCN
September 20, 2023
Balancer urges users to stay clear of the website till further notice. However, Zach XBT reports that some funds have already been stolen.
Balancer, an Ethereum-based Automated Market Maker (AMM) and Liquidity pool aggregator, is in a critical situation. The protocol announced on its Twitter account on September 20 that its "frontend is under attack." Consequently, Balancer is advising users to stop all interactions with its User Interface immediately.
While Balancer itself has not confirmed that any funds were taken, on-chain analyst Zach XBT disclosed via Twitter that roughly $238K have been stolen due to this security exploit.
According to the protocol, the attack was a DNS (Domain Name System) attack. The team is now in the process of resolving the issue and has stated that it's collaborating with "relevant parties" to recover its User Interface (UI).
In light of the situation, Balancer is urging users to steer clear of its websites, balancer.fi and app.balancer.fi, until further notice is given. By avoiding these sites, users can help to protect themselves from potential loss or theft of funds.
For those unfamiliar with the term, a DNS attack is a type of cyber attack where the attacker gains unauthorized control over a domain's DNS settings. This can lead to the attacker redirecting web traffic to fraudulent websites or other malicious activities.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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