DeFi protocol Balancer potentially exploited as onchain data shows millions in outflows
Quick Take Ethereum-based DEX Balancer may have been exploited, with onchain data showing over $116 million in assets withdrawn from its vaults.
DeFi protocol Balancer appears to have suffered an exploit, with an estimated $116 million in assets drained from its vaults, according to onchain data cited by Lookonchain.
Etherscan transaction logs show large, unusual transfers from Balancer’s “0xBA1...BF2C8” address to an external wallet. The outflows included about 6,587 WETH ($24.5 million), 6,851 osETH ($26.9 million), and 4,260 wstETH (~$19.3 million) — altogether suggesting that tens of millions in assets have been moved out of the protocol’s vaults.
While Balancer's team has yet to issue a statement, early onchain indicators point to a potential exploit or unauthorized withdrawal rather than a routine liquidity migration. Multiple blockchain analytics providers, including Nansen , also flagged the transactions as suspicious.
Mikko Ohtamaa, CEO and co-founder of Trading Strategy, noted that early analysis points to a faulty smart contract check as the likely root cause. He stated via an X thread that not all Balancer versions appear affected, but that losses could climb above $100 million if older V2 forks share the same vulnerability.
Blockchain security firm PeckShield said the attack remains ongoing across multiple chains where Balancer is deployed, with estimated losses now crossing $116 million, onchain analyst Lookonchain added .
Balancer is a decentralized exchange and automated portfolio manager built on Ethereum that allows users to trade tokens and provide liquidity through self-balancing pools. The protocol, which has been active since 2020, holds over $350 million in total value locked on Ethereum alone, according to The Block's data dashboard.
Following chatter about the possible onchain theft, the price of Balancer's native token BAL fell by over 4%, according to The Block’s price page .
This is a developing story.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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