DeFiThe Balancer protocol was hacked, losing over $120 million. According to analysts Lookonchain and Nansen, at the time of writing, the exploit was still active, and the stolen funds were being moved between several linked wallets.
According to blockchain data, the attackers stole 7,838 WETH, 6,341 osETH, and 4260 uniETH.
The Balancer exploit may be related to issues in smart contracts that contained «faulty access checks that allowed an attacker to issue a withdrawal command,» according to Nansen research analyst Nikolai Sondergaard.
According to preliminary data, the exploit primarily targeted Balancer version 2 (V2) liquidity pools, particularly those associated with ETH and stETH.
Balancer moderators confirmed on Discord that V2 pools are affected, while V3 pools are still safe. The Balancer team also released an official statement on social media.
We are aware of a potential vulnerability affecting Balancer v2 pools. Our development and security teams are investigating it as a matter of priority, the Balancer team reported.
The developers also offered a reward of up to 20% of the stolen amount if all funds minus the reward were returned immediately.
Experts have already reported that this is one of the largest hacks DeFi in 2025, which again raised concerns about the security of decentralized finance protocols.