Balancer Faces $128M Exploit as GoPlus November Web3 Security Report Reveals $183.98M in Losses

COINOTAG News reports that the GoPlus November Web3 Security Report tallies $183,981,395 in economic losses across the Web3 ecosystem for November, driven by high-profile breaches that stress-test exchange platforms and DeFi protocols. Notable incidents include Balancer’s $128 million exploit and Upbit’s $36.8 million hack, highlighting persistent risk across Web3 infrastructure. The report documents attack vectors spanning smart contract vulnerabilities, social engineering, phishing, fake projects, and rug pulls.

Smart contract vulnerabilities account for $175,031,395 in losses across 15 major incidents, underscoring the critical need for robust code audits and formal verification. Phishing schemes contributed about $8 million, impacting roughly 7,000 victims, underscoring the importance of secure authentication and user education.

Key takeaways for market participants center on enhanced security controls, proactive risk management, and governance discipline, including comprehensive security audits, multi-signature custody, and continuous monitoring to mitigate exposure in future cycles.