Balancer, a decentralized finance protocol, has been hit by a major exploit that drained more than $100 million in digital assets, according to blockchain security firms.
Security researchers at PeckShield and Cyvers flagged the incident on Monday, warning that funds linked to the attacker’s wallet were still being siphoned. Total losses have climbed to about $128 million, Cyvers said in a message.
Balancer confirmed it was aware of an exploit in a post on X, noting that the protocol’s engineering and security teams were investigating the incident with “high priority.”
“The ongoing drain likely stems from a compromise of access control mechanisms within the protocol, allowing the attackers to manipulate balances directly,” Deddy Lavid, Cyvers’ Chief Executive, said in a message. “The Balancer team is still attempting to re-establish control, which explains why the exploit continues.”
Balancer, a decentralized exchange built on Ethereum, managed over $700 million in total assets before the exploit, according to DefiLlama.
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