Balancer DeFi Users on Edge as Security Vulnerability Emerges
A DeFi liquidity protocol Balancer faces a new security concern with its user interface. The platform issued a notice urging users to avoid the main Balancer UI as they investigate potential vulnerabilities.
Stolen funds have been funneled into a specific Ethereum address, totaling around $238,000. This address currently holds 68 ETH, valued at over $111,000.
The balancer frontend is under an attack. The issue is currently under investigation. Please do NOT interact with the balancer UI until further notice!
— Balancer (@Balancer) September 19, 2023
A series of ERC-20 token transfers involving BAL, liquid staked ether, and Aave’s wrapped tokens occurred on Wednesday.
Stolen funds are being directed to this address
0x645710Af050E26bB96e295bdfB75B4a878088d7E
~$238k stolen so far pic.twitter.com/rwMybBaLoA
— ZachXBT (@zachxbt) September 20, 2023
These incidents follow recent attacks on the protocol, including an exploit in its v2 pools last month.
Balancer operates as both an automated market maker and a liquidity protocol on the Ethereum blockchain, allowing direct token trading from its liquidity pools.
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The native BAL token has experienced some recent volatility, declining from $3.44 to $3.27.
This incident adds to a growing trend of security breaches in DeFi projects, emphasizing the need for enhanced security measures.
The Balancer team is actively investigating the issue, with details about the exploit still unclear. Further updates are expected.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
