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Balancer Suffers DNS Attack: $238,000 in Cryptocurrency Stolen.

Balancer Suffers DNS Attack: $238,000 in Cryptocurrency Stolen.

by harryson3545 on Sep 21st, 2023 10:11 AM

Balancer, a prominent player in the decentralized finance (DeFi) ecosystem, recently fell victim to a social engineering attack that targeted its domain registrar, EuroDNS. The attack compromised the frontend of the Balancer website on September 19, resulting in the theft of approximately $238,000 in cryptocurrency.

In response to the DNS attack, Balancer DAO took swift action and successfully regained control of its domain on September 20. The project assured users that its subdomains, including 'app.balancer.fi,' are once again secure and safe for use.

Security firms SlowMist and CertiK revealed that the attacker utilized Angel Drainer phishing contracts and employed Border Gateway Protocol (BGP) hijacking to manipulate internet routing tables, thereby seizing control of IP addresses. This tactic allowed them to deceive users into authorizing and transferring funds using the 'transferFrom' function to the Balancer exploiter's wallet.

While SlowMist suggested potential ties to Russia, it also noted that the stolen Ether (ETH) was routed through Bitcoin (BTC) addresses via THORChain before ultimately returning to the Ethereum network. Additionally, around 15 wrapped-Ether (wETH.e) tokens were transferred on the Avalanche blockchain.

Despite Balancer's efforts to secure its subdomains, some users continued to encounter a 'Deceptive site ahead' warning when attempting to access the platform as of September 20.

At the time of writing, Balancer had not yet confirmed the exact amount of funds lost in the attack.

Read more about this and other news here: https://btcnews.biz/cryptocurrencies/balancer-website-compromised-in-dns-attack-238-000-stolen/

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