Following an attack on its frontend, Balancer, an Ethereum-based automated market maker (AMM) system for decentralized finance (DeFi), has advised customers to stay away from its website. Before further notice, users are asked not to engage with the Balancer user interface.
PeckShield reported that while the specifics of the hack are being looked into, at least $238,000 in cryptocurrency has been taken. Users claim that they are asked to approve a bogus contract that drains their bank accounts. In less than a month, there have been two Balancer attacks; the first vulnerability led to a $1 million exploit. To prevent further exploits, users are recommended to abandon affected pools.
Users have been warned by Balancer not to use the balancer UI until further notice. The occurrence makes more security a need.
