Balancer, victim of a new attack, $238,000 stolen

The decentralized finance (DeFi) ecosystem remains vulnerable to cyberattacks, and the list of victims is growing by the day. Recently, Balancer was targeted by an attack resulting in a loss of $238,000.

Balancer suffers a hack resulting in a loss of $238,000

Decentralized finance (DeFi) is enjoying a meteoric rise in popularity. However, this success does not make it immune to threats, as demonstrated by last month’s incident with Curve.

Recently, Balancer, a major player in the DeFi sector, found itself in the spotlight. The platform suffered a cyber attack on the night of September 19.

This isn’t a first for Balancer. Just a month ago, the platform recorded a massive loss of $200 million following another attack. For now, while full details have not been released, the recent attack is estimated to have resulted in a loss of at least $238,000 in crypto.

Whispers behind the scenes suggest DNS hijacking. Analyst DeFi Hanzo suspects a fraudulent site urging users to validate a dishonest smart contract, emptying their wallets in the process.

Reactions and security measures in the face of cyberattacks

Balancer reacted promptly, alerting its users and urging them to exercise caution. According to the cybersecurity team PeckShield, cybercriminals exchanged 15.4 ETH for 2,730 AVAX, before transferring them to a platform based in Mexico.

While it’s still early to gauge the full impact of this incident on Balancer’s reputation, one reality remains: despite DeFi’s impressive progress, it still faces major security challenges.

These episodes remind us of the importance of unwavering vigilance. As we like to say: “Not your keys, not your cryptos”. It’s crucial to opt for solutions that guarantee absolute control over your assets. In this context, cold wallets, such as the D’CENT biometric wallet or Ledger, are highly recommended.