Waivly

Share this post
Beanstalk Farms exploited for $182 million
www.waivly.com
Crypto

Beanstalk Farms exploited for $182 million

After a flash loan explot

Apr 18
Comment
Share
Beanstalk Farms Suffers $182M Loss In DeFi Governance Exploit

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

⠀

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

⠀

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.

⠀

“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.

⠀

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.

Twitter avatar for @peckshieldPeckShield 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

175 Retweets535 Likes

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇

CommentComment
ShareShare

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

TopNewCommunity

No posts

Ready for more?

© 2022 Waivly
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing