One of the pioneering decentralized exchanges just took a massive hit. Balancer, which launched back in 2018 during crypto's early DeFi days, suffered a devastating security breach resulting in $120 million in losses.

This platform was among the first wave of DEXs that helped shape decentralized trading as we know it today. The exploit marks one of the largest DeFi hacks in recent memory, raising fresh concerns about protocol security even for battle-tested platforms.

The incident serves as a stark reminder that no protocol is immune to vulnerabilities, regardless of how long it's been operating in the space.