Ongoing exploit drains $128M from Balancer across multiple chains.
Balancer, a decentralized finance (DeFi) protocol for automated market makers (AMMs) and liquidity pools, suffered a major security exploit today, with initial reports estimating losses at around $116 million in assets.
Subsequent updates from on-chain analysts like PeckShield and Nansen revised the total to approximately $128.64 million across multiple chains, including Ethereum, Berachain, Arbitrum, Base, Sonic, Optimism, and Polygon, as the attack is ongoing.
Earlier today PeckShield reported that a flaw in the swap/imbalance mechanics enabled the drainage of approximately $70 million in assets, including WETH, osETH, and wstETH.
The breach is believed to have stemmed from a faulty access control vulnerability in boosted pools, allowing unauthorized withdrawals from vaults.
As of the latest reports, Balancer’s team has not issued an official statement, and the exploiter is consolidating funds, raising concerns about potential laundering.
This is Balancer’s third major security incident since 2020. It follows a $500,000 flash loan exploit in 2020 and a $238,000 DNS phishing attack in 2023.
Why This Matters
Even well-established DeFi platforms like Balancer remain vulnerable to major exploits, putting user funds and trust in the ecosystem at serious risk.
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