Ethereum-based decentralized exchange Balancer suffered a domain name system (DNS) attack on its frontend website, the team confirmed.
During the incident, hackers performed a DNS exploit to take control of the official Balancer website link – balancer.fi – and redirected users to a phishing site linked to a malicious contract aiming to steal users’ money to steal.
On Wednesdays at 7:50 PM EST, Balancer warned users are not allowed to interact with the website until further notice. Later, the team confirmed that the front-end issue was related to a DNS attack. “The Balancer DAO is actively addressing the current DNS attack and working with all relevant parties to ensure the full recovery of the Balancer UI,” Balancer wrote on X.
The domain name system is a commonly used protocol that websites rely on. However, attackers can exploit issues in DNS to perform nefarious activities, as shown in this incident.
The Balancer website is redirected to a malicious site.
Although there is no official statement on the impact on user assets, says security company PeckShield estimated that approximately $238,000 in cryptocurrency was allegedly taken during the attack.
In August, Balancer experienced an exploit that resulted in the loss of nearly $1 million in stablecoin. This was attributed to a critical error on the platform shortly after it advised users to withdraw from the affected liquidity pools.