Todays significant pullback in the crypto space through me for a loop for a bit as I did not see anything in the news about what was going on. Well that all changed early this afternoon when I finally found the news about Balancer with roughly $750 million in value locked appears to have been drained of $110 million in ETH. This is Balancer's largest hack yet and one of the biggest that we have seen in a while. Balancer itself has suffered previously from two separate hacks back in 2021 and 2023.
However, this might be the biggest/worst hack Balancer has suffered from because the exploit targeted the vault that is Balancer's core smart contract. All tokens from ever pool are held in this vault instead of the much more common way of each pool managing their own funds. The blockchains that are impacted include Ethereum, Optimism, Arbitrum, Sonic, Polygon, and Base. Thus far 6,850 osETH, 6,590 WETH, and 4,260 wstETH have been funneled out and into a new single wallet.
It should be noted that Balancer V3 was not impacted and this was focused on Balancer V2 Composable Stable Pools. Also important is that Balancer has gone through a number of audits over the years, over 10, and that this vault in particular was audited 3 separate times by different firms so this wasnt just a random stumbled upon hack it was against a tried and tested protocol. The more I have read into this it does appear that some people had in recent months flagged that their was an issue with the V2 contract but that had clearly not been addressed.
Hard blow to the crypto market with all the uncertainty.
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