Balancer founder to shut down developer arm after last year's hack

Balancer (BAL) founder Fernando Martinelli announced in an official forum that the project's development company, Balancer Labs, will be shut down after being left effectively in debt following a hack last year. He explained, "Due to the v2 exploit in November of last year, subsequent legal action, and the sharp drop in the token price, we have decided to wind down Balancer Labs for the sustainability of the protocol." Martinelli added that going forward, Balancer will be operated by its community, foundation, and service providers rather than a specific company. He also noted that measures will be taken to conduct a buyback for existing BAL holders, adjust the v3 protocol's share, and transfer fees to the community. Balancer suffered approximately $137.4 million in damages from the exploit last year.