DeFi

ZachXBT

Giant

Balancer

OG DeFi platform Balancer has been exploited for more than $128 million in several digital assets, with multiple blockchain security firms confirming the attack in real-time and new details emerging by the hour.
In its latest update, blockchain security firm PeckShield <a href="https://x.com/PeckShieldAlert/status/1985281156259201044" rel="noopener noreferrer nofollow">stated</a> that Balancer and its forks are now confirmed to be under attack, with cumulative losses across chains of roughly $128.64 million already. Meanwhile, Mikko Ohtamaa, CEO and co-founder of Trading Strategy, revealed that the likely culprit is a faulty smart contract check.
Alchemy engineer Uttam Singh broke down the damage chain by chain and <a href="https://x.com/uttam_singhk/status/1985266901379952830" rel="noopener noreferrer nofollow">observed</a> that at least 27 Balancer-like forks exist, per DeFiLlama, which implies the contagion might not even be close to finished. That uncertainty is amplified by the fact that the exploiter address is still active and is deploying new contracts, minting custom ERC-20s, and probing continuously.
Balancer’s only official statement so far <a href="https://x.com/Balancer/status/1985283356582453588" rel="noopener noreferrer nofollow">reads</a>,
<blockquote>
 “We’re aware of a potential exploit impacting Balancer v2 pools. Our engineering and security teams are investigating with high priority. We’ll share verified updates and next steps as soon as we have more information.”
</blockquote>
In September 2023, Balancer’s front-end suffered a DNS attack <a href="https://cryptopotato.com/balancer-says-frontend-hack-resulted-from-a-social-engineering-attack/" rel="noopener noreferrer nofollow">caused</a> by a social engineering breach at its domain registrar, EuroDNS. While the protocol didn’t confirm losses, on-chain sleuth ZachXBT estimated roughly $240,000 was stolen.
Amidst this chaos, the analytics platform, Lookonchain, <a href="https://x.com/lookonchain/status/1985271970800521294" rel="noopener noreferrer nofollow">flagged</a> a whale wallet 0x0090, which had been dormant for three years, suddenly woke up right after the exploit was confirmed and rushed to pull more than $6.5 million out of Balancer.
The post <a href="https://cryptopotato.com/og-defi-giant-balancer-exploited-for-128m-forks-are-now-bleeding-out-too/" rel="noopener noreferrer nofollow">OG DeFi Giant Balancer Exploited for $128M: Forks Are Now Bleeding Out Too</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

OG DeFi Giant Balancer Exploited for $128M: Forks Are Now Bleeding Out Too

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Other articles published on Nov 3, 2025

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