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.
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.
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.