Crypto Community Divided on DeFi Trust Implications After $128M Balancer Exploit

Veteran decentralized exchange (DEX) Balancer v2 suffered a major hack on Monday, losing over $128 million and raising questions about whether users can trust even long-established, audited decentralized finance (DeFi) platforms.On-chain data showed roughly $128 million in digital assets sent to the hacker’s wallet across multiple blockchains, including 6,587 WETH (~$24.5 million), 6,851 osETH (~$26.9 million), and 4,260 wstETH (~$19.3 million), according to PeckShield. This marks Balancer’s largest hack to date.The losses affected several networks, including Ethereum, Polygon, Base, Arbitrum, Optimism, Sonic, and Berachain. Balancer’s native token, BAL, fell 11.1% to $0.87, according to CoinGecko. Meanwhile, the protocol’s total value locked (TVL) fell from $776 million to $406 million over the past 24 hours, according to DeFiLlama.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io