Balancer Hit by $110 Million Exploit in Latest DeFi Security Breach
Decentralized exchange and liquidity protocol Balancer has reportedly fallen victim to a major security breach, with losses exceeding $110 million in digital assets. On-chain data indicates that the attack remains ongoing.
This exploit highlights ongoing vulnerabilities in DeFi infrastructure, despite increasing regulatory scrutiny and enhanced security efforts across the sector.
Balancer Exploit Drains Over $110 Million as Attack ContinuesAccording to data shared by Lookonchain on X (formerly Twitter), the attackers transferred roughly 6,587 WETH, worth around $24.46 million, 6,851 osETH, valued at nearly $26.86 million, and 4,260 wstETH, worth approximately $19.27 million, from Balancer to a new wallet.
Hackers Transferring Assets From Balancer. Source: X/Lookonchain
The attack hasn’t stopped yet. Lookonchain reported that losses from the Balancer exploit have already exceeded $110 million.
“Absolutely insane — the total stolen funds from the Balancer exploit have now surged to $116.6 million,” Lookonchain added.
Balancer’s team has acknowledged the exploit and said that affected users will be eligible for compensation.
“Users can claim a compensation for any losses, please verify your wallet transactions if you notice something unusual,” the team stated.
We’re aware of a potential exploit impacting Balancer v2 pools.
Our engineering and security teams are investigating with high priority.
We’ll share verified updates and next steps as soon as we have more information.
This isn’t the first time the network has faced such an incident. In 2023, bad actors managed to steal around $238,000 worth of crypto assets from the protocol.
This is a developing story.
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