Decentralized finance (DeFi) protocol Balancer has reportedly been hit by a major security breach, resulting in the loss of digital assets valued at over $128.6 million. This exploit serves as a stark reminder of the ongoing security challenges facing the DeFi infrastructure, even as the sector experiences increased scrutiny and development of enhanced protective measures. The incident quickly escalated, with initial reports suggesting an alarming rate of loss as the attack unfolded.
Specific details regarding the stolen funds highlight the scale of the breach. Blockchain monitoring service Lookonchain, sharing data on X (formerly Twitter), revealed that the attackers systematically moved substantial amounts of popular digital assets. This included approximately 6,587 WETH, valued at about $24.46 million; 6,851 osETH, worth nearly $26.86 million; and 4,260 wstETH, representing around $19.27 million. These funds were all transferred from Balancer to a newly created wallet, indicating a well-planned and executed operation.
The swiftness and extent of the theft were particularly notable. Within just an hour of the news breaking, Lookonchain reported that the losses attributable to the Balancer exploit had already surpassed the $110 million mark. The total continued to rise rapidly, prompting an immediate warning from the monitoring service. One report highlighted the shock of the community, noting, “Absolutely insane—the total stolen funds from the Balancer exploit have now surged to $116.6 million,” before the final loss calculation was made.
Further investigation into the technical execution of the attack revealed that the exploit specifically targeted vaults within Balancer’s Version 2 (V2) protocol. This was not an isolated incident confined to a single asset or network. On the contrary, the breach affected multiple vaults across several blockchain networks, including Sonic, Polygon, and Base. The successful draining of these segregated vaults confirmed that the exploit was capable of spreading across diverse chains rather than being contained to one single ecosystem.
The continuous tracking of the stolen funds eventually led to a final accounting of the total damage. According to the latest update provided by security firm PeckShield, the confirmed total losses from the extensive exploit reached $128.64 million. This event represents one of the largest single security breaches in the DeFi space this year, compelling the protocol and the wider community to re-evaluate the resilience of their cross-chain security frameworks against sophisticated attack vectors.
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