Beanstalk, a credit-based stablecoin protocol built on Ethereum, got exploited for $182 million on Sunday morning.

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According to blockchain security and data analytics company PeckShield, the entire protocol lost around $182 million in total value locked (TVL).

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This happened after an attacker tricked the protocol by creating $1 billion in flash loans on lending platform Aave, which enabled them to amass a large amount of Beanstalk’s native governance token, Stalk. With these assets, the hacker had enough voting power to take over 67% of the protocol’s governance and approve their own proposals.

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“Beanstalk did not use a flash loan resistant measure to determine the % of Stalk that had voted in favor of the BIP. This was the fault that allowed the hacker to exploit Beanstalk,” Beanstalk project leads said.

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The hacker got away with 24,830 ETH and 36M BEAN, totalling around $80 million, that was funnelled through Tornado Cash, a cryptocurrency mixer protocol allowing private transactions.

PeckShield Inc. @peckshield

1/ The @BeanstalkFarms was exploited in a flurry of txs (etherscan.io/tx/0xd09b72275… and etherscan.io/tx/0xcd314668a…), leading to the gain of $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.Ethereum Transaction Hash (Txhash) Details | EtherscanEthereum (ETH) detailed transaction info for txhash 0xcd314668aaa9bbfebaf1a0bd2b6553d01dd58899c508d4729fa7311dc5d33ad7. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.etherscan.io

April 17th 2022

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