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Ethereum-based DEX Balancer may have been exploited for over $128 million.
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Early analysis points to a smart contract vulnerability in Balancer v2 pools.
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The exploit appears ongoing across multiple chains, per PeckShield.
Major Outflows Detected
DeFi protocol Balancer appears to have suffered a major exploit, with blockchain security firm PeckShield reporting more than $128.6 million in assets drained from the platform’s vaults. Onchain data shows large transfers from Balancer’s main address to an external wallet, including 6,587 WETH, 6,851 osETH, and 4,260 wstETH.
Investigation Underway
Balancer confirmed it is “aware of a potential exploit impacting Balancer v2 pools” and is investigating with security partners. Blockchain analytics firms like Nansen have also flagged the suspicious activity.
Possible Cause and Ongoing Risk
Trading Strategy’s CEO Mikko Ohtamaa said the issue likely stems from a faulty smart contract check. While not all versions are affected, the total loss could exceed $100 million if older forks share the same flaw. PeckShield noted that the attack appears to be spreading across multiple chains.
Market Impact
The news triggered a sharp sell-off, with Balancer’s BAL token falling over 9%. The platform currently holds about $350 million in total value locked on Ethereum, according to The Block’s data.
