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Balancer Reveals Secret Behind Scam Attack Of $238,000 In Crypto Losses

Published:

The automated market maker Balancer, which operates an Ethereum-based blockchain, was scammed out of $238,000 in cryptocurrency on September 19.

However, the platform believes its security breach was due to a social engineering attack within its DNS service provider.

READ ALSO:John Reed Stark Former SEC Executive, Forecast Outcome On US SEC Vs Binance Case

Previously, Balancer suffered an attack on a DNS (Domain Name System), and the platform warned the users to avoid its interface in the meantime as the investigation is still ongoing,

This attack highlights the recent incident making rounds of DeFi protocols, becoming victims of front-end attacks.

Reports from ZachXBT, a blockchain investigator, the scammers siphoned up to $238,000 in crypto.

Fast Facts

  • After a short time, the scam alerts were received, and the DAO (decentralized autonomous organization) went into action. They addressed the DNS hack and tried to restore the UI (user interface).
  • Almost 8 hours later, the project succeeded and got back control of its domain and ensured that its subdomains “app.balancer.fi” and “balancer.fi” for its users were safe again for users.
  • After the investigation, Balancer announced that the cause of the scam was a social engineering attack on its EuroDNS, which is the domain name register for TLDs (fi Top-level domains).
  • While the investigation was ongoing, there were indications of a likely connection between the attacks on Balancer and Russia, which hints at a wider network of cyber criminals.
  • The global nature of these types of scams shows the challenges in handling and preventing more future attacks. As a result, there is a need for increased security measures to be taken in the crypto space.
  • According to an online publication, MisTrack details, the complexity of the attack involves the platform and an organization called AngelDrainer. Moreover, the charges generated from Balancer’s attacker’s dealings were traced back to AngelDrainer.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin has dropped to $26,965.42, with a drop in market cap by 0.65% and a drop in trading volume by 14.00%.

On the side of Ethereum, its current price is at $1,618.13, with a decline in market cap by 1.06% and an increase in trading volume by 4.57%.

  • Meanwhile, Tether USDT is presently trading at $0.9999, with an increase in market cap by 0.02% and a drop in trading volume by 1.82%.
  • BNB, on the other hand, is selling at $213.17, with a drop in market cap by 1.54% and an increase in trading volume by 1.45%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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