- \n
- Balancer\u2019s user interface has come under attack with malicious contracts deployed.<\/span><\/em><\/li>\n
- Balancer\u2019s TVL and transactions have stayed stable despite the attack.<\/span><\/em><\/li>\n<\/ul>\n
Balancer [BAL]<\/a> has recently been thrown off balance yet again, with another attack on the Decentralized Finance (DeFi) platform.<\/span><\/p>\n
\nIs your portfolio green? Check out the BAL Profit Calculator<\/a><\/p>\n
\nBalancer under attack<\/b><\/h4>\n
On 20 September, a post on X (formerly Twitter) by Exponential DeFi highlighted the hack of the Balancer<\/a> domain. The post indicated that the hackers were prompting users to approve harmful contracts designed to siphon funds from their wallets. <\/span><\/p>\n
\n
\ud83d\udea8 Risk alert @Balancer<\/a> ‘s domain (https:\/\/t.co\/Ikuh2PEJrv<\/a>) has been hijacked and its prompting users to approve a malicious contract that will drain your wallet. <\/p>\n
As far as we can tell, protocol funds are safu and the issue is limited to the hijacked front-end. pic.twitter.com\/KrBUutj5H0<\/a><\/p>\n
\u2014 Exponential DeFi (@ExponentialDeFi) September 19, 2023<\/a><\/p>\n<\/blockquote>\n
At the time of this initial post, Balancer had not issued an official response, but one was subsequently posted. <\/span><\/p>\n
In their official statement, the Balancer team confirmed that their frontend was indeed under attack. They cautioned users against engaging with the platform\u2019s user interface (UI) until further notice.<\/span><\/p>\n
\n
The balancer frontend is under an attack. The issue is currently under investigation. Please do NOT interact with the balancer UI until further notice!<\/p>\n
\u2014 Balancer (@Balancer) September 19, 2023<\/a><\/p>\n<\/blockquote>\n
Balancer bleeds over $200,000<\/b><\/h4>\n
In spite of the platform\u2019s warnings, the attacker managed to successfully transfer some funds. A report from PeckShieldAlert revealed that the attacker had made off with approximately $238,000 worth of cryptocurrency. <\/span><\/p>\n
As per the tracked wallet, the attacker initially received 1.04 Avalanche [AVAX]<\/a>, valued at approximately $9, which appeared to be a test transfer. Subsequently, the attacker exchanged 15.4 Ethereum [ETH]<\/a> for over 2,700 AVAX and then sent these funds to the MEXC deposit.\u00a0<\/span><\/p>\n
\n
#PeckShieldAlert<\/a> @Balancer<\/a> has reported that its frontend under an attack, ~$238k worth of cryptos were stolen https:\/\/t.co\/aAaj0Xqery<\/a> pic.twitter.com\/YDIjfnNYM4<\/a><\/p>\n
\u2014 PeckShieldAlert (@PeckShieldAlert) September 20, 2023<\/a><\/p>\n<\/blockquote>\n
Notably, this marked the second attack on the network in less than a month. Balancer<\/a> had previously issued a warning about a vulnerability on 22 August, which put $2.8 million, equivalent to 0.42% of its total value locked (TVL), at risk.<\/span><\/p>\n
In their announcement on 24 August, users were strongly advised to \u201cwithdraw ASAP\u201d if they had connected their wallets to affected liquidity provider (LP) pools.<\/span><\/p>\n
Impact on TVL?<\/b><\/h4>\n
Data from DeFiLlama<\/a> revealed that the initial hack experienced by Balancer<\/a> had a noticeable impact on its Total Value Locked (TVL) and transaction activity. <\/span><\/p>\n
Around 22 August, the TVL dipped from approximately $850 million to about $840 million. By 24 August, it had further declined to around $670 million. <\/span><\/p>\n
Concurrently, the number of transactions surged to over 3,000 on 22 August, compared to the previous average of 2,000 transactions.<\/span><\/p>\n
![\"Balancer](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Balancer-TVL-and-transactions.png\")
<\/a><\/p>\nSource: DefiLlama<\/p>\n<\/div>\n
However, as of this writing, the TVL and transaction patterns appeared to have returned to normal. The TVL stood at around $710 million, and the number of transactions had reduced to approximately 1,600. <\/span><\/p>\n
This indicated that the attack has not had any effect on these metrics, at least for now.<\/span><\/p>\n
\nHow much are 1,10,100 BALs worth today<\/a>?<\/p>\n
\nHow BAL has trended<\/b><\/h4>\n
- Balancer\u2019s TVL and transactions have stayed stable despite the attack.<\/span><\/em><\/li>\n<\/ul>\n
![\"BAL\/USDT](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BALUSDT_2023-09-20_08-29-36.png\")