Balancer Cross-Chain Exploit Hits $88 Million, Sparks DeFi Security Concerns

A major exploit targeting the decentralized finance (DeFi) platform Balancer has resulted in estimated losses of $88 million across multiple blockchain networks. PeckShield, a prominent blockchain security firm, confirmed the ongoing breach. 88 million dollars in losses have been reported. The attack focuses on Ether and ERC-20 tokens within Balancer’s multi-chain pools, with the total value locked (TVL) of the platform significantly declining to reflect these immediate consequences. 2021 saw a similar exploit, but this instance presents a significant development for DeFi security.