Decentralized exchange (DEX) and automated market maker (AMM) Balancer is suspected to have fallen victim to an exploit after roughly $70 million in digital assets were moved to a newly created wallet.
On-chain data indicates that around $70.9 million worth of liquid staked Ether tokens were transferred to the fresh address in three separate transactions, according to Etherscan records.
The transferred assets included 6,850 StakeWise Staked ETH (OSETH), 6,590 Wrapped Ether (WETH), and 4,260 Lido wstETH (wSTETH), according to a post by crypto analytics platform Nansen on X.
While Balancer has not yet confirmed any breach, the movement of funds into a new wallet strongly suggests a potential security incident.
Blockchain security firm Cyvers reported that as much as $84 million in suspicious, cross-chain transactions may be linked to the Balancer incident, according to a Monday post on X.
Just two months earlier, Balancer experienced a domain name system (DNS) attack on its front-end website, announced on Sept. 20. In that breach, hackers redirected users to a phishing site connected to malicious smart contracts designed to drain funds.
Roughly $238,000 in digital assets were stolen during that phishing incident, according to on-chain investigator ZachXBT.
Earlier in August, Balancer also suffered an almost $1 million stalecoin exploit, just a week after the protocol disclosed a “critical vulnerability” related to some of its liquidity pools.
