Ethereum-based stablecoin protocol Beanstalk loses about $182 million to exploit
April 17, 2022, 9:38AM EDT
1 min read
Beanstalk, a credit-focused stablecoin protocol built on Ethereum, was exploited Sunday morning.
The protocol lost about $182 million in various crypto assets, according to blockchain findings of security firm PeckShield.
Meanwhile, the hacker got away with $80 million that was funneled through Tornado Cash, a cryptocurrency mixer protocol allowing private transactions, PeckShield said.
The attacker obtained 24,830 ETH -- an amount worth roughly $75.8 million as of press time. The remainder of the exploited funds were in the form of drained liquidity connected to the protocol's governance token.
As for how the exploit was carried out, signs indicate that the exploiter used an accumulation of governance tokens -- obtained through a flash loan -- to create a fake protocol improvement proposal to gift funds held in Beanstalk to an address used to raise donations for the government of Ukraine.
Update: This article has been amended to clarify that the hack amount was $182 million based on the latest findings.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.