DeFi protocol Balancer considers shutdown following $130M hack

Balancer Labs CEO Marcus Hardt has proposed a phased sunset of the Balancer protocol due to an inability to achieve sustained revenue growth following a $130 million exploit last year. The proposal suggests distributing the project's $9 million treasury to BAL holders on a pro-rata basis. A Snapshot vote is expected to take place from September 25 to September 29, though current operations remain unaffected.