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Nicholas Kitonyi

Balancer Protocol Suffers $128 Million Security Exploit

Decentralized finance protocol Balancer lost more than $128 million in a security breach on Monday. Security firms Peckshield and Cyvers detected the incident after observing large on-chain transfers, including 6,587 WETH ($24.5 million), 6,851 osETH ($26.9 million), and 4,260 wstETH ($19.3 million). Balancer confirmed awareness of the exploit affecting its v2 tools and stated its engineering team is investigating.