Balancer, a decentralized finance protocol has suffered an exploit worth around $128.6 million in crypto assets. Top blockchain security firms reported the breach in the early hours of Monday. 

In a recent update, popular on-chain analytics firm Peckshield revealed that the attackers stole assets across blockchains like Ethereum, Base, Polygon, Arbitrum, Optimism, and others. 

According to Lookonchain, the bad actors stole up to 6,587 WETH ($3,602.93), worth $24.46 million, alongside 6,851 osETH, valued at around $26.86 million. 

Additionally, the firm revealed that they transferred another 4,260 wstETH, which is about  $19.27 million, from the protocol. Similarly, another company, Nansen reported on X that the hackers are moving the funds to a new address. 

So far, Balancer has confirmed the attack through a post on X. The DeFi protocol said “aware of a potential exploit impacting Balancer v2 pools.” 

Furthermore, Balancer stated that its engineering and security unit is investigating the issue and promises to share relevant updates. In the statement, the project team promised to reimburse affected users and urged them to verify their wallet transactions if they noticed unusual movement.

Despite the timely acknowledgment, the protocol failed to confirm the total loss. However, this isn’t the first time Balancer has suffered a cyber breach. In September 2023, attackers moved $238,000 from Balancer after targeting its front-end which allowed them to sign the malicious transaction. 

Balancer attack places DeFi platforms on red alert 

Meanwhile, the latest attack on Balancer underlines the ravaging vulnerabilities in DeFi infrastructure amidst their increasing adoption. While there has been a strong regulatory scrutiny and improved security efforts across the DeFi sector, hackers keep looting millions of dollars. 

Also, the breach is a warning for DeFi projects that hackers are on the loose again despite having a quiet run in October. During the month, the sector only witnessed 18 hacks that cost $18.18 million according to Peckshield.  

The figure illustrates a noticeable reduction of 85% from the total $127 million that cyber attackers stole from crypto firms in September. Now, with just three days into the new month, Balancer has lost a massive $128 million, placing other DeFi platforms on red alert. 

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