$182M Stolen From Stablecoin Protocol Beanstalk

Ethereum-based stablecoin protocol Beanstalk Farms was hacked and 25,000 ethereum was stolen from the platform.

In the incident that took place on April 17, the hacker denominated DAI, USD Coin (USDC) and Tether (USDT) stablecoins. $1 billion loan from AAVE protocol took.

Using this fund, it took over 67% of the protocol’s governance rights and was able to approve its own proposals. Then a fake “BIP-18” request to create a proposal and send these funds to him. gave his consent and deposited the funds in his wallet. pulled.

It is stated that other protocols have been hacked in the past due to such credit taking events. Stating that this incident is not technically a hack, Beanstalk Farms spokesperson:

It is unfortunate that Beanstalk Farm has been attacked because of the governance system that has made it such a success.

made statements.

Blockchain security analysis firm PeckShield realized there was a problem and tagged Beanstalk to the post, “you might want to take a look.” said. But that’s when it happened.

Hacker borrowed money He traded BEAN Tokens for Ether and sent them to Tornado Cahs to hide his transactions. Also, if the hacker hacked into Ukraine’s crypto donation wallet 250,000 sent dollars.

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