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Decentralized Protocol Balancer Experiences Fronted Scam


The AMM (automated market maker) and Ethereum-based DeFi Protocol Balancer experienced a hack attack on its front end.

The hack was confirmed by the Balancer team, who are now urging users to stay away from the project’s interface.

There is a need to increase the security measures within the DeFi ecosystem. Also, it is important to conduct extensive audits of smart contracts.

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

Balancer has experienced another hack attack just less than one month after it experienced a former vulnerability on August 22 that led to more than $1 million in scams. Users should be alerted to avoid impacted pools to prevent more hacks.

Following the attack, the protocol warns its customers to avoid their activities on the platform’s user interface.

Quick Takes

  • Yesterday, September 19, the platform alerted its community that a hack had occurred in its front end, which drained up to $238K in crypto.
  • Reportedly, users were prompted to endorse a malicious contract when interacting with the Balancer interface, and when they responded, their wallets were drained of funds.
  • According to an industry pundit, when the users open the website, they will be asked to exchange their chain where they have huge amounts of money. When the user approves the scam transaction and sends it, they will receive a confirmation of a successful transaction, and the money in their wallet will disappear.
  • According to reports from PeckShield, a blockchain security firm, and ZachXBT, a blockchain analyst, Balancer has lost up to $238,000 in cryptocurrency. However, the details regarding the attack are still under investigation.
  • However, the platform later declared that up to 0.42% of its overall value, representing a value of $2.8 million held within the protocol, is at risk.
  • Due to the ongoing investigation, the protocol warns its users against interacting with the platform until further notice.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin is at $26,962.54, with a decline in market cap by 1.00% and a decline in trading volume by 8.98%.

Ethereum, on the other hand, is presently trading at $1,624.11, with a drop in market cap by 1.61% and a drop in trading volume by 12.14%.

  • Meanwhile, Cardano is selling at $0.2521, with a drop in market cap by 1.75% and a drop in trading volume by 25.95%.
  • Dogecoin is currently trading at $0.06206, with a decline in market cap by 1.20% and a drop in trading volume by 10.27%.
  • At this moment, Toncoin is selling at $2.50, with an increase in market cap by 0.47% and a drop in trading volume by 2.67%.
  • On the side of Solana, its current price is at $19.96, with a decline in market cap by 1.18% and a decline in trading volume by 23.45%.


























































































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