Balancer DeFi protocol suffers security breach, funds remain secure By Investing.com

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Balancer DeFi protocol suffers security breach, funds remain secure

Published Sep 19, 2023 11:30PM ET Updated Sep 19, 2023 11:30PM ET

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Balancer DeFi protocol suffers security breach, funds remain secure

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In a recent development, the Ethereum-based decentralized finance (DeFi) protocol, Balancer, experienced a security breach. An unidentified party compromised the platform's frontend, leading to the theft of approximately $238,125. The perpetrators seized Balancer's domain (Balancer.fi) and manipulated the platform to prompt users to approve a malicious contract, subsequently draining their wallets.

In light of these events, Balancer has advised its users to refrain from interacting with its user interface until further notice as a precautionary measure. Despite the ongoing attack, it is reported that the protocol's funds remain secure. The issue appears to be confined to the hijacked frontend of the Balancer platform. Confirmation from Balancer regarding these reports is still pending.

This incident follows a critical vulnerability discovered in the Balancer V2 pools on August 20, 2023. This previous security flaw prompted an immediate call for users to withdraw any affected liquidity provider tokens (LPs). The network swiftly implemented emergency measures to mitigate the effects of this vulnerability.

Blockchain investigator ZachXBT has tracked the stolen funds and identified an address where they are being sent. However, additional information about this misappropriation remains limited at this time.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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