Balancer, a DeFi protocol that runs on Ethereum, announced on X (formerly Twitter) that its frontend was under attack and advised users not to use its website until further notice. The protocol did not reveal how much crypto was stolen or if any user funds were affected but said it was investigating the issue. Balancer’s vault, which holds the funds, was reportedly safe.
However, some security experts and blockchain analysts estimated that the attackers had taken about $238,000 worth of crypto so far. Some users also reported that they were asked to approve a malicious contract that would drain their wallets when they visited the Balancer website. The website now shows a warning sign to users.
This is not the first time that Balancer has been exploited by hackers. In late August, the protocol disclosed a critical vulnerability that could allow attackers to drain funds from some pools. It took some measures to reduce the risk, but could not pause the affected pools. A few days later, it suffered a $2 million exploit related to the same vulnerability.
Balancer and its partner protocol Beethoven X said they were working together to investigate the situation and prevent further exploits. They assured their users that they were taking all the necessary steps to protect their funds and secure their platforms.
