DeFi Protocol Balancer Suffers Front-End Attack, $238,000 Stolen

Balancer, a leading decentralized finance (DeFi) liquidity protocol is currently under attack, with the hackers already stealing over $200,000.

The Ethereum-based DeFi platform confirmed the attack in the early hours of Wednesday, urging users to halt all activities on its platform until further notice.

Although the details of the attack are still sketchy, with the firm failing to confirm the safety of user funds, the blockchain security firm PeckShield and crypto sleuth ZachXBT claim that at least $238,000 have already been looted.

This is the second attack Balancer has suffered within the past month. On August 22, the protocol issued a vulnerability warning but this was not enough to stop the theft of $2 million several days later.

Meanwhile, users attempting to access the Balancer website are met with a “suspected phishing” warning notice, which they can ignore and proceed.