Decentralized exchange Balancer hacked

Decentralized exchange Balancer hacked

Two weeks ago, a Decentralized Exchange Balancer was attacked by a decentralized exchange balancer.

According to the project's account on X, the interface for Balancer is currently compromised.

The project's Discord is called a Domain Name Service Attack, which involves reversing the IP address - a number thatidentifies a computer connected to the internet - a URL resolves to.

ZachXBT, an on-chain researcher, said that user funds are being redirected to an unknown Ethereum account, presumably the attacker's. The account currently has $238,000 in it, up from $238,000 in a year ago.

Balancer's smart contracts are not violated, according to a moderator on the project's Discord. This means that only those users interacting with the website are at risk.

The decentralized exchange has been a favored target of hackers - just last month, it shed hundreds of millions in total value locked as the team urged users to pull their assets off the platform.

Balancer has made strides to shore up its defenses in the past, for example, the project utilized a $2M bug bounty in 2021.