Balancer, a DeFi AMM protocol on Ethereum, has alerted its users to stay away from its website after a frontend attack.
The balancer frontend is under an attack. The issue is currently under investigation. Please do NOT interact with the balancer UI until further notice!
— Balancer (@Balancer) September 19, 2023
The Balancer user interface is unsafe to use until further notice.
According to PeckShield, the attackers have stolen at least $238,000 in crypto and are still under investigation.
The attackers tricked users into approving a malicious contract that drained their wallets.
This is the second time Balancer has been attacked in less than a month, with a previous exploit costing ~$1 million. Users are urged to exit affected pools to prevent more losses.
This incident shows the vulnerability of the DeFi sector and the need for more security audits of smart contracts.
Balancer is just one of many DeFi projects that have suffered from security breaches in recent years.