Balancer, a popular DeFi app on Ethereum, got hacked today.
Hackers stole about $128 million from its old version (V2) pools. The team says it's investigating and asks users to stop using V2 right away.
What Happened?
- The hack started early today.
- Hackers found a bug in the smart contract code.
- They drained money from liquidity pools.
- Main assets stolen: staked ETH like osETH, WETH, wstETH.
- Affected chains: Ethereum, Arbitrum, Polygon, and more.
Balancer posted on X: "Potential exploit on V2 pools. Revoke approvals now!" V3 pools are safe.
How Much Was Lost?
- Total: $128.6 million.
- Started at $70M, grew fast.
- Over 27 similar projects (forks) also hit, like Beets Finance.
The hacker is moving funds but might return some for a bounty.
Effects
- BAL token price dropped 15% to $0.90.
- ETH and Bitcoin prices dipped a bit.
- Users in pools lost money. Balancer will try to pay back.
- DeFi feels risky again. People moving funds to safer spots.
What to Do
- Go to revoke.cash and remove Balancer approvals.
- Don't add money to V2 pools.
- Use V3 or other apps like Uniswap.
- Watch Balancer on X for updates.
This is the biggest hack for Balancer ever. It shows even checked code can have bugs. Stay safe in crypto: check wallets often!Not financial advice. Do your own research.
