According to last minute information, Ethereum an algorithmic stablecoin protocol on Bean (BEAN), faced a “Flash Loan” attack.
Hackers Launch $1 Billion Flash Credit Attack
When the data on the Ethereum Blockchain is examined, it is seen that the hacker who carried out the attack took a flash loan of $ 1 billion and used them to completely empty Beanstalk, the own platform of the BEAN stablecoin.
The Developer of the Platform Made a Statement
The founder of the Beanstalk platform, the developer with the pseudonym “publius”, confirmed in his statement on Discord that the platform was attacked by flash credits.
However, the developer said that they are also helpless at the moment and do not know what to do.
Stating that the project does not have any initiative support, the developer added that any step that can save the project in the future will probably not be taken.
A total of 24,830 Ethereum (around $75 million) was reportedly stolen from the platform. No statement has been made from Beanstalk’s official Twitter account for now. After the attack, the price of BEAN, which is normally $1, is trading at around $0.20.
These hacking events in the DeFi industry cryptocurrencies and DeFi It is thought to prevent the technology from becoming mainstream.
In the recent Ronin Bridge hack, approximately $625 million worth of crypto assets were stolen.
After the work of the FBI, it was revealed that this hacking event was carried out by the North Korean Lazarus group. Some users think that the name behind this new attack on the BEAN stablecoin may be North Korean groups.
*Not investment advice.