Balancer's front end was attacked on the 20th of September. The hackers were able to steal approximately $240,000 in user funds.
On the same day, I was looking to put my stablecoins to work in DeFi and considered Balancer as a great candidate. Something was telling me to not do anything with my stablecoins, and just leave them where they are. Fortunately, I listened to my instincts. Otherwise, one year of hard work and sacrifice to accumulate stablecoins would've gone down the drain.
Apparently, Metamask actually uses some blockchain security tools to detect such activities and they were warning users trying to interact with Balancer's front end. That's when I started to look into such tools and research a bit more.
Whether we like it or not, the internet is filled with scams, phishing attacks, hackers, etc. The same occurs in crypto, although to an even greater extent. As a user, we MUST protect ourselves and learn how to mitigate, or even better, completely avoid these attacks. BUT, the software you interact with (websites, smartphone/desktop applications, decentralized applications, web3 wallets, etc.) MUST also protect its users.
Today, I'm very careful with every click I perform when doing web3 stuff such as connecting a wallet to a website, transferring funds, or providing liquidity. With that being said, not everything can be avoided. Fortunately, some of today's dApps utilize blockchain security tools.
Let's go through a few:
- Forta (used by Lido Finance)
- Wallet Guard (used by Metamask)
- Hexagate (used by QuickSwap)
- Chaos Labs (used by Aave)
In this hectic risky crypto world we're living in, we need to take every possible precaution to avoid losing our hard-earned assets. The names above are just a few, I myself, have trust in. Of course, this is a non-exhaustive list. There are many more that use blockchain security tools.
I hope this has, at least, sparked a bit of curiosity so you can ensure the web3 software you're using is taking advantage of security tools.
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