Sonic price

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Balancer was hacked, the hacker fell for a bait, and the absurdity on-chain continues. Yesterday at 3:48 PM (Beijing time), @Balancer's V2 Pool was hacked. In just one day, the protocol's TVL dropped from $760M to $370M, with about $110–120M stolen, concentrated in mainstream assets like wETH, osETH, wstETH, and frxETH. The remaining nearly $300M was withdrawn by users themselves. At the moment the incident occurred on-chain, everyone was faster than the protocol—no one waits for announcements in DeFi. The show isn't over yet. After the attack, someone directly forged an official announcement claiming to offer a "20% white hat bounty" specifically to bait the hacker. At that time, I saw that transaction: I really thought Balancer was recovering funds, but upon checking, it turned out to be "black eating black." The hacker fell for the bait, and the scammer replicated the bounty, even copying the "security team" signature. Sometimes you think you are watching an exploit, but in reality, you are witnessing a DeFi murder mystery. Back to Balancer, they have always been a representative of the architecture faction. The core of V2 is a unified Vault managing all assets, with each Pool only responsible for logic. From a design perspective, this maximizes capital utilization and liquidity integration, but it also means all funds are hanging by a single thread. The hacker did not use flash loans or manipulate oracles; they simply drained the vault through a legitimate call from a malicious pool. That kind of elegant system design seems particularly ironic at this moment—composability allows everything to collaborate, but it also lets risk flow without resistance. On-chain quickly entered a domino moment: The mainnet Vault was emptied, @Plasma's TVL dropped from 93 million to 12 million, @berachain paused BEX, and @SonicLabs directly froze the hacker's account. @stakewise_io suffered the heaviest losses, although about 73% of osETH and osGNO were recovered; @LidoFinance withdrew, @Frax has not responded, and @RenzoProtocol claimed the protocol was unharmed, but users' ezETH was hacked. This incident proved an old adage: shared assets mean shared risks, and composability connects systems, which can also link fates together. In fact, this issue was planted since the V2 era. Balancer was too smart, so smart that even complexity became a belief. V3 added Hooks to make logic more flexible, but the audit costs are higher, and dependencies are deeper—in complex systems, "security" is often just a delayed explosion. Additionally, projects that forked Balancer are all in panic revocation. The entire composable DeFi stack has turned from building blocks into dominoes, where every call can trigger resonance. In the next few days, the most important thing is to isolate yourself from this chain reaction: Change wallets, clear authorizations, avoid Vault-type structures. If you really want to continue mining, try @pendle_fi's YT model, with small positions and low risk. Once, Balancer was a work of art in DeFi engineering; now it has become a mirror of complexity. It reflects the elegance we pursue—also reflecting the cost. This round of absurdity may bring the team back a bit of reality. I hope they can recover the funds and restore trust. DeFi has never lacked smart people; what it lacks are those who can survive long-term. Keep it simple, stay solvent.