The Balancer hack has taken another troubling turn. While the protocol and its partners are still working to recover some of the stolen assets, the attacker has started moving large amounts of crypto. The hacker has also begun selling some of the stolen funds despite being offered a bounty package as an incentive for the safe return of the remaining funds. The new activity renewed attention on the growing list of major exploits hitting the crypto market this year.
A Fresh Wave of Movement From the Attacker
The hacker behind the Balancer exploit has begun shifting and selling portions of the stolen crypto. Data from Arkham Intelligence shows that 6,999 ETH was moved from the attacker’s original wallet to a new address. Analysts believe this is part of a clear plan to cash out before more recovery efforts begin. Earlier, the attacker carried out “test transactions,” including a small transfer of 1 ETH, a tactic often used to make sure the route for larger transactions is safe. These early tests usually confirm whether exchanges, mixers, or bridges will successfully process the funds before the attacker commits to bigger moves.
Balancer Recovers $4.1M but the Threat Continues
The renewed movement comes shortly after Balancer confirmed that it had recovered $4.1 million of the stolen funds. Meanwhile, Balancer is not the only team that carried out the initial recovery. Shortly after the hack, StakeWise recovered 19.3 million osETH. Another 5,041 osETH was retrieved, reducing the stolen amount from $117 million to around $98 million. This recovery was crucial in preventing deeper losses across the ecosystem.
According to the team, the exploit came from a newly discovered attack vector linked to an upscale function in the protocol. Investigators revealed a troubling discovery. The attacker created precisely calculated swaps designed to produce tiny losses. Even though each loss was small, doing the operation many times turned tiny imbalances into big profits. This attack was different from previous Balancer hacks and showed the hacker’s advanced skills. The attack affected several platforms connected to Balancer, but some services are coming back online.
Major Crypto Hacks Highlight Security Risks
The Balancer hack is the latest in a series of major crypto attacks this year, raising new concerns for the industry. In May, the Cetus Protocol lost $260 million after investigators traced 12.9 million SUI to a wallet linked to the attacker. Around the same time, Bybit faced a security breach affecting $1.4 billion, and BigONE lost $27 million from its hot wallet, including BTC, ETH, and USDT. These incidents show that both decentralized and centralized platforms can be vulnerable and highlight the urgent need for stronger security in the crypto industry.