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

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

The affected funds include 6,850 osETH, 6,590 WETH, and 4,260 wstETH, blockchain data analyzed by CoinDesk showed, and seemed to impact Balancer version 2 (V2)

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

Balancer’s BAL token has slumped over 5% since its Monday peak, CoinGecko data shows.

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