DeFi Stablecoin Project Beanstalk Farm Loses $182M To Hackers

Ethereum-based stablecoin protocol Beanstalk Farms has been exploited for $182 million in the latest series of DeFi hacks. Following the attack, Beanstalk’s BEAN stablecoin went on a collapse by 86% from its all-time high of $1.45. DeFi’s Hacking Spree Continues On Sunday, blockchain security firm Peck Shield reported a hack of $182 million from the Beanstalk farms through a flash loan exploit. Our initial analysis shows the @BeanstalkFarms loss is ~$182m ! Here is the breakdown of stolen assets: 79,238,241 BEAN3CRV-f, 1,637,956 BEANLUSD-f, 36,084,584 BEAN, and 0.54 UNI-V2_WETH_BEAN. https://t.co/8OzPn8F8ot — PeckShield Inc. (@peckshield) April 17, 2022 Reportedly, the attacker obtained a considerable amount of loan from Beanstalk’s native governance token, Stalk by taking a flash loan on Aave lending platform. Further investigation showed that the attacker was able to approve a malicious governance proposal that siphoned off all the protocol money into a private Ethereum wallet thanks to the voting power granted from Stalk tokens. Interestingly, the attacker also donated $250,000 worth of the stolen funds to the Ukrainian relief wallet with the rest laundered through the coin mixing service called Tornado Cash. At the time of writing, Peck Shield found that 15,154 ETH remains in the hackers’ account. Beanstalk’s smart contracts were audited by the blockchain security firm Omnicia. However, the audit was completed before the i...