Balancer Exploit Losses Surpass $98 Million Across Multiple Blockchains
On-chain data reveals a $98M multi-chain asset drain targeting Balancer liquidity pools, underscoring persistent vulnerabilities and pressuring DeFi market confidence amid broader crypto weakness.
Balancer, a major DeFi protocol with over $700M in TVL, has suffered a multi-chain exploit draining more than $98M in assets, including 6,587 WETH ($24.46M), 6,851 osETH ($26.86M), and 4,260 wstETH ($19.27M). Attackers targeted liquidity pools across chains, routing stolen funds through mixers and bridges to obscure origins. The breach heightens concerns around cross-chain vectors and liquidity-pool risks, striking amid fragile market sentiment and ongoing Ethereum price pressure. Balancer's token BAL trades near $0.97, close to multi-year lows, reflecting sustained bearish momentum.
- Balancer: A decentralized finance (DeFi) protocol that allows automated portfolio management and cryptocurrency trading.
- Liquidity Pool: A collection of funds locked in a smart contract used to facilitate decentralized trading, lending, and other DeFi functions.
- Total Value Locked (TVL): The total value of assets deposited in a DeFi protocol, reflecting the overall scale and trust in the platform.