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.


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