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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum-Based Balancer Under Attack, Users Receive Warning

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Ethereum balancer eth ethusdt

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Across their social media channels, Ethereum-based decentralized exchange (DEX) Balancer reported an attack against its front end. The platform confirmed that a Domain Name System (DNS) attack targeted the DEX, preventing users from accessing the DEX.

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Ethereum DeFi Under Siege

According to an official post, a team is investigating the DNS attack against Balancer. In the meantime, users were asked to avoid interacting with the DEX’s front end to prevent them from falling victim to the bad actors.

In a DNS attack, bad actors can employ different strategies to compromise the security of a website and drain the users’ crypto wallets. Until the investigation is concluded, the team behind Balancer cannot guarantee that the attackers won’t target users.

The team behind the DEX added the following, confirming the protocol’s Decentralized Autonomous Organization (DAO) involvement in resolving the current situation:

The Balancer DAO is actively addressing the current DNS attack and is working with all relevant parties to ensure the full recovery of the Balancer UI. In the meantime, please DO NOT interact with http://balancer.fi or http://app.balancer.fi until further notice.

Independent crypto investigator ZachXBT reported that over $238,000 had been stolen from the DEX. The investigator confirmed that the funds were sent to this Ethereum address: 0x645710Af050E26bB96e295bdfB75B4a878088d7E.

Further data from Etherscan confirms that the bad actors have begun moving the funds. The individuals use Tornado Cash, another decentralized exchange, to “launder” the stolen funds to gain anonymity.

Pseudonym user Defi_Hanzo was the first to report this development and the first to lose money to the hackers to confirm the DNS attack theory. As seen below, the bad actors took over the Balancer front-end and asked users to change input in the chain where they hold most of their funds.

Once this transaction was completed, bad actors could drain the user’s wallet. DeFi_Hanzo asked the team behind Balancer for a refund after falling victim to the attack.

DeFi’s Public Enemy Number One

Balancer is just one of the many DEX or DeFi applications that have been the victim of some strategy to steal their funds. As Bitcoinist reported, hacks, scams, and other criminal activities in the nascent sector were up 75% by the end of H2 2023 compared to 2022.

Bad actors stole over $650 million over that period, which has continued to rise in the coming months. Of all of the sectors in the crypto industry, DeFi has been the most affected.

The different protocols and applications supported by DeFi platforms lost almost $300 million by the end of H2, 2023. The North Korean affiliate hacker group “Lazarus” has been responsible for many attacks.

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As of this writing, Ethereum (ETH) trades at $1,600 with sideways movement in the last 24 hours.

Ethereum ETH ETHUSDT Balancer
ETH’s price is moving sideways on the daily chart. Source: ETHUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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