The Ethereum-based decentralised finance (DeFi) protocol, Balancer, currently finds itself in the throes of a troubling situation — an apparent attack on its user interface.
In a recent communication to its community, Balancer has issued a cautionary advisory, imploring users to refrain from engaging with the platform's protocol until further notice.
This directive underscores the seriousness of the situation at hand.
As the incident is currently unfolding, Balancer is investigating the details surrounding this attack, with a primary concern being the security of user funds.
Presently, the firm has refrained from confirming the status of these funds, leaving users understandably concerned.
Adding to the complexity of this situation, leading blockchain security firms such as PeckShield, along with blockchain analyst ZachXBT, have conducted independent assessments.
Their estimations suggest that a substantial sum, at least $238,000 worth of cryptocurrency, has been absconded with during this incident.
#PeckShieldAlert@Balancer has reported that its frontend under an attack, ~$238k worth of cryptos were stolen https://t.co/aAaj0Xqerypic.twitter.com/YDIjfnNYM4
— PeckShieldAlert (@PeckShieldAlert) September 20, 2023
a
This is the second instance of nefarious activity impacting Balancer in a mere month.
The DeFi protocol had previously issued a warning late August, signalling a critical vulnerability.
Tragically, just days later, this vulnerability was ruthlessly exploited, resulting in a staggering $2 million loss.
Users who attempt to access the Balancer website now encounter a stark warning sign, serving as a stark reminder of the ongoing challenges facing DeFi platforms in safeguarding digital assets.
The current Balancer website
Binance faces alleged data breach claims on the dark web, highlighting the critical, ongoing challenges of digital security and the importance of robust protective measures in the cryptocurrency sector.
WeiliangEthereum's stability teeters on a fine balance due to over-reliance on the Geth client, with Lido Finance at the forefront of this precarious situation. However, efforts towards diversification and innovation hint at a future where reliance is distributed, not centralised.
WeiliangA Bitcoin ransom threat endangers Insomniac Games, the developer of Marvel’s Spider-Man series. Rhysida demands 50 BTC to avoid leaking sensitive info about Marvel’s Wolverine game. The compromised data includes game assets and personal information, auctioned starting at 50 BTC. The developer is yet to respond. The community anxiously awaits a resolution.
Bernice
JinseFinanceDecentralized finance tokens provide crypto users with access to a number of bank-like services such as loans, lending and insurance.
CoindeskValentin Pletnev of Quasar Finance wants to democratize access to sophisticated transactions in decentralized finance.
CoindeskFreedom DeFi provides the highest fixed APY in the industry , charging rewards every 30 seconds and simple «Buy-Hold- Earn» ...
Bitcoinist
CointelegraphGaming is driving the adoption of DeFi platforms. Here are the latest developments driving the “earn while you play” business model.
Cointelegraph