Balancer Website Vulnerable to Ongoing Hacking Attack

Two separate attacks on the decentralized exchange balancer occurred within a period of two months.

The decentralized exchange Balancer has had its interface hacked, as reported on the project’s X account. The project’s Discord is referring to it as a Domain Name Service (DNS) assault, which includes changing the IP address that a URL refers to. An IP address is a number that may be used to identify a device that is connected to the internet.

An on-chain researcher by the name of ZachXBT has reported that user money is being moved to an unknown Ethereum account, which is likely the one belonging to the attacker. To this point, there is around $238,000 in the account.

An administrator on the Balancer project’s Discord claims that the integrity of the token’s smart contracts has not been breached. This indicates that the only people who are in danger are those who engage with the website.

The decentralized exchange has been a favorite target for hackers; only one month ago, it suffered a loss of hundreds of millions of dollars in total value while the company asked customers to remove their assets from the network.

Balancer has taken steps to improve its defenses. For instance, in 2021, the project held a bug bounty competition with a prize pool of $2 million.

Also Read: European Union Regulations On Stablecoin Payments Are Intriguing To Circle’s Director