Balancer Hacked? DeFi Platform Hit by Apparent Exploit as $70M in Crypto Moves

Balancer, a decentralized finance (DeFi) protocol with more than $750 million in locked-in value, appears to have been hit by another major exploit, with on-chain data showing around $70.9 million in digital assets drained into a new wallet.

Affected funds include 6,850 osETH, 6,590 WETH, and 4,260 wstETH, analyzed blockchain data from CoinDesk showed, and seemed to have an impact Balancer version 2 (V2)

The exploiter’s address has already begun to consolidate assets, raising concerns about potential laundering through decentralized mixers or cross-chain bridges.

Balancer’s BAL token is down more than 5% from its peak on Monday, CoinGecko data shows.

The team has not yet issued an official statement, although this marks the third known security breach for the project, after incidents in 2021 and 2023 that cost millions.