{"id":24271,"date":"2022-04-17T18:02:55","date_gmt":"2022-04-17T22:02:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=24271"},"modified":"2022-04-17T18:03:01","modified_gmt":"2022-04-17T22:03:01","slug":"beanstalk-farm-loses-182m-to-hackers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/beanstalk-farm-loses-182m-to-hackers\/","title":{"rendered":"Beanstalk Farm Loses $182M To Hackers"},"content":{"rendered":"\n
An Ethereum-based stablecoin protocol<\/a>, Beanstalk Farms was hacked with over $182 million reported stolen on Sunday.<\/h5>\n\n\n\n
\"Beanstalk
Beanstalk Farm Loses $182M To Hackers<\/figcaption><\/figure><\/div>\n\n\n\n

PeckShield, a blockchain security startup\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, reported the incident on Twitter, saying the attacker got off with at least $80 million in cryptocurrency, while the protocol's losses were far larger.<\/p>\n\n\n\n

As a result of the hack, the market for Beanstalk's BEAN stablecoin plummeted. According to CoinGecko, the coin was down 86 percent from its $1 peg at the time of publication.<\/p>\n\n\n\n

\n

1\/ The @BeanstalkFarms<\/use><\/svg><\/span><\/a> was exploited in a flurry of txs (https:\/\/t.co\/PMsdP5dnJG<\/use><\/svg><\/span><\/a> and https:\/\/t.co\/wyHe3ARZgU<\/use><\/svg><\/span><\/a>),
leading to the gain of $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.<\/p>— PeckShield Inc. (@peckshield) April 17, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

According to the report, the attacker obtained a considerable amount of Beanstalk's native governance token, Stalk, by taking out a flash loan on the lending platform Aave. The attacker was able to swiftly approve a malicious governance proposal that siphoned all protocol money into a private Ethereum wallet thanks to the voting power provided by these Stalk tokens.<\/p>\n\n\n\n

In the attack summary, the project leaders wrote: \u201cBeanstalk 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.\u201d<\/em><\/strong><\/p>\n\n\n\n

Omnicia, a blockchain security organization, audited Beanstalk's smart contracts. According to the firm's Sunday post-mortem, the audit was done before the introduction of the flash loan vulnerability.<\/p>\n\n\n\n

Beanstalk declined to comment on whether payments will be repaid to users, stating that additional information would be provided at a town hall meeting on Sunday.<\/p>\n\n\n\n

The attacker pretended to give $250,000 of the stolen funds to a Ukrainian humanitarian wallet, according to PeckShield.
This is the most recent in a series of big decentralized finance (DeFi) hacks that have occurred in recent weeks. In March, Axie Infinity's Ronin Blockchain was hacked for $625 million in an incident linked to North Korea, according to US officials.<\/p>\n","protected":false},"excerpt":{"rendered":"

An Ethereum-based stablecoin protocol, Beanstalk Farms was hacked with over $182 million reported stolen on Sunday. PeckShield, a blockchain security startup , reported the incident on Twitter, saying the attacker got off with at least $80 million in cryptocurrency, while the protocol’s losses were far larger. As a result of the hack, the market for […]<\/p>\n","protected":false},"author":36,"featured_media":24273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,21],"tags":[9201,9202,937],"class_list":["post-24271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-news","tag-beanstalk","tag-farm","tag-hackers"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/basic-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/24271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=24271"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/24271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/24273"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=24271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=24271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=24271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}