Free-Market Trade The front-end website for Balancer was attacked using DNS.
Balancer, an Ethereum-based decentralized exchange, reported that its frontend website was attacked through a domain name system (DNS) assault.
During the incident, hackers used a DNS vulnerability to hijack the Balancer website’s domain name (balancer.fi), which they then used to send visitors to a phishing site tied to a malicious contract designed to take money from victims.
Balancer sent a notification to its users on Wednesday at 7:50 pm EST requesting that they refrain from using the site until further notice. A DNS assault was later verified as the cause of the front-end problem. “The Balancer DAO is taking steps to combat the current DNS attack and is working with all relevant parties to ensure the full recovery of the Balancer UI,” Balancer said on X.
The domain name system (DNS) is an essential protocol for the operation of the Internet. However, as this instance shows, attackers might try to carry out malicious operations by taking advantage of flaws in DNS.
Security company PeckShield estimates that over $238,000 in cryptocurrencies may have been stolen during the incident, while there has been no official comment regarding the effect on user assets.
Nearly $1 million worth of stablecoin was stolen from Balancer in August due to a vulnerability. Shortly after warning users to get out of the concerned liquidity pools, the platform was found to have a major weakness.