Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
$20,700,000 in Crypto Recovered After Ethereum-Based Protocol Balancer Suffers $128,640,000 Hack

$20,700,000 in Crypto Recovered After Ethereum-Based Protocol Balancer Suffers $128,640,000 Hack

Daily HodlDaily Hodl2025/11/04 16:00
By:by Rhodilee Jean Dolor

The liquid staking platform StakeWise has recovered about 16% of the assets that hackers just stole from the decentralized finance (DeFi) protocol Balancer.

In an update describing the attack, Balancer says it suffered a security breach  affected the protocol’s V2 Composable Stable Pools. 

“Because these pools have been live onchain for several years, many were outside the pause window. Any pools that could be paused have been paused and are now in recovery mode.

All other Balancer pools are unaffected. This issue is isolated to V2 Composable Stable Pools and does not impact Balancer V3 or other Balancer pools.”

The blockchain security firm PeckShield says the incident cost $128.64 million in losses across multiple chains.

StakeWise, issuer of some of the assets, says it managed to recover about $20.7 million of the stolen funds.

“[S]takeWise DAO emergency multisig has executed a series of transactions, recovering ~5,041 osETH (~$19M) and 13,495 osGNO (~$1.7M) tokens from the Balancer exploiter. 

On Ethereum mainnet, this represents 73.5% of the ~6,851 osETH stolen earlier today and is as much as we could recover due to the attacker promptly converting the missing portion of the stolen assets into ETH.”

StakeWise says the assets taken back from the attackers will be returned to affected users and will be distributed pro-rata based on pre-exploit balances.

Featured Image: Shutterstock/TogsDesign/Sensvector

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

South Korea's Cryptocurrency Reform: Will New Regulations Enhance Confidence While Preserving Innovation?

- South Korea's National Assembly plans to enforce strict VASP regulations requiring criminal record checks for all major shareholders, including foreign investors. - The law mandates re-evaluation of existing VASPs, creating compliance challenges for smaller firms with complex ownership structures. - By extending oversight to global criminal records, the reform sets a potential international precedent and could reshape cross-border crypto investments. - While critics warn of stifled innovation, proponents

Bitget-RWA2025/11/27 02:27
South Korea's Cryptocurrency Reform: Will New Regulations Enhance Confidence While Preserving Innovation?

Bitcoin News Update: Tether’s Risky Asset Holdings Challenge Stablecoin Reliability

- S&P Global downgrades Tether's USDT to "5 (weak)" due to high-risk reserves and transparency gaps. - Tether's 5.6% Bitcoin exposure exceeds S&P's 3.9% overcollateralization threshold, risking undercollateralization if prices fall. - Tether defends practices with quarterly audits and $10B 2025 profit, dismissing the downgrade as outdated. - Recent crypto market turmoil and past stablecoin collapses highlight risks in opaque reserve management. - Tether's resilience amid crises contrasts with S&P's warning

Bitget-RWA2025/11/27 02:27
Bitcoin News Update: Tether’s Risky Asset Holdings Challenge Stablecoin Reliability