Balancer Labs to wind down after Nov. 3, 2025 exploit drained $128 million

Balancer Labs, the corporate entity behind the Balancer DeFi protocol, will wind down operations following a Nov. 3, 2025 exploit that drained an estimated $128 million. Co-founder Fernando Martinelli said the protocol will keep running through a restructured, "lean" model, with core contributors expected to move to a new entity, Balancer OpCo, pending a governance vote.