Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Beanstalk Farm Loses $182M Crypto in Shocking Attack From Hackers

Beanstalk Farm Loses $182M Crypto in Shocking Attack From Hackers

  • Beanstalk, a credit-based stablecoin protocol has lost $182 million in a security breach
  • According to PeckShield, the hackers managed to get away with roughly $80 million in ETH and BEAN token, while $182 million was lost in total value locked
  • Out of the stolen funds, 250,000 USDC was sent to the Ukraine crypto donation wallet
Beanstalk Farms, a popular Ethereum-based stablecoin protocol was exploited on Sunday as hackers managed to steal about $182 million.

Beanstalk hack

The attack was first announced on Twitter by blockchain security firm PeckShield, which disclosed that the attacker managed to take away more than $80 million in crypto. The loss suffered by the protocol was however significantly higher.

The attack caused the market for the BEAN token to collapse and it lost about 86% from its $1 peg, according to CoinGecko.

According to a summary that was posted in its Discord, the attacker was able to game the system by taking out a flash loan on Aave lending platform. The flash loan was used to gather a large amount of Beanstalk’s native governance token, stalk. With the voting power that was granted by the acquisition of these tokens, the attacker managed to input a malicious governance proposal that transferred all the protocol funds into a private Ethereum wallet.

PeckShield reported that the attacker laundered all the stolen funds through Tornado Cash, a platform that allows users to send and receive crypto concealing its source. It also disclosed that $250,000 of the stolen funds was donated to a Ukrainian relief wallet.

Lazarus Group

This is just one of many decentralized finance exploits to have occurred this year. Last month, we reported that Axie Infinity’s Ronin Blockchain was exploited for $625 million in the biggest ever crypto hack.

Follow Naija.fm on our social media handles FacebookInstagram, and Twitter to keep up with trending news, and entertainment news.

Show More

Related Articles

Back to top button