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Balancer Faces Second Security Breach Within a Month; $238k Allegedly Stolen

Algoine News
Summary:
Balancer, a DeFi protocol operating on Ethereum, has confirmed a current attack on its user interface and advised users to refrain from action until further communication. The details are still under review and user fund safety remains unconfirmed. This marks the second breach for Balancer within a month, the previous resulting in a $2 million loss. The story is developing with further updates expected.
Balancer, a decentralized finance protocol operating on the Ethereum blockchain, has verified that its user interface is currently experiencing an attack. The platform made this announcement to its community on September 19, 11:49 pm UTC, advising users to refrain from using Balancer's system until they receive further communication. Details of the assault are presently being scrutinized by Balancer, and it is yet to confirm whether its users' funds are secure. Meanwhile, one blockchain specialist, ZachXBT, reported that $238,000 had been siphoned off within the first half hour of Balancer publicizing the attack. He further pointed out that the stolen funds are being transferred to a specific address. It's worth noting that this is the second security breach Balancer has endured within a month's span. On August 22, Balancer had alerted its users about a critical weak spot in its system that was subsequently exploited, resulting in a loss of $2 million. More updates on the matter are anticipated as new information emerges.

Published At

9/20/2023 12:48:22 AM

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