On November 3rd, Balancer suffered an exploit, and over $116 million in assets were reportedly stolen from the platform.
Balancer is a DeFi protocol that offers permissionless technology to streamline AMM development for devs and offers LPs a DEX product suite.
After today's unfortunate events, BAL, Balancer's governance token, recorded intense volatilty.
Balancer Exploit - Over $116 Million in Assets Stolen
Earlier today, SpotOnChain reported that the Balancer hack led to over $116 million in stolen assets in two hours following the exploit.
The team noted that the assets stolen are across multiple chains like Ethereum, Base, Optimism, Sonic, Polygon, and Berachain, mostly in liquid staking tokens of ETH.
The top five stolen assets include:
- Over $29 million in WETH
- Over $26 million in OSETH
- More than $20 million in WSTETH
- Over $10 million in SFRXETH
- Over $8 million in RETH
The hacker acts quickly and converts LSTs into ETH in real-time, according to SpotOnChain.
It's also worth noting that a whale who hasn't been active for three years resurfaced and withdrew $7.38 million in assets from the platform. The whale made two transfers from Balancer's vault 0xBA1: $5.19 million in GNO and $1.29 million in WETH.
Three years ago, the same whale moved over $12,620 in BAL from Balancer.
Balancer users are advised to secure their funds now.
BNB Chain Projects, Not Affected
Earlier today, the team at BNB Chain released a statement via X, saying that no BNB Chain projects have been affected by this exploit.
The team highlighted that:
- Any forked projects should remain highly cautious
- Consider pausing operations as a precautionary method
BNB Chain team and partners are monitoring the situation.
Balancer Official Statement
On November 3, at 11:50 AM, the team at Balancer released an official statement about what happened. They noted that there was a potential exploit impacting Balancer v2 pools, and the project's engineers and security teams are investigating the issue.
More updates will be released.
BAL Price Action on November 3rd
BAL recorded intense volatilty on November 3rd, fluctuating between $1.01 and $0.95. Folowing the exploit, BAL price dropped to $0.89 before rebounding to current levels.
At the moment of writing this article, BAL is trading above $0.96 with a market cap of over $65 million, down by more than 2% in the past 24 hours.
