Beanstalk DAO has reportedly been exploited for $75 million through a flash loan
The DeFi industry is likely facing a new exploit less than a month after the $625 million hacks on Axie Infinity. Beanstalk, a credit-focused stablecoin protocol built on Ethereum, was exploited Sunday morning.
Beanstalk DAO allegedly suffers flash loan DeFi exploit worth $75M
According to crypto-twitter member @0revenue, the Beanstalk DAO (Beanstalk Farms) was mined through a quick loan worth $75 million. Furthermore, the mining perpetrator may have staged the mining by initiating a ‘Give 250,000 Bean to Ukraine‘proposal.
LOL holy shit it looks like the exploiter made a proposal to “Give 250,000 Bean to Ukraine (and 10,000 Bean to the proposer)”. Guess that’s how the exploit happened.https://t.co/JEoxBhhZc8 pic.twitter.com/5cFioUWUkX
— Xohn (@0revenue) April 17, 2022
The team from PeckShield Inc, a blockchain and data analytics company, also alerted BeanStalk DAO via Twitter about the possibility of fast lending on the protocol.
The transaction is shared by PeckShield Inc. same as the transaction flagged by crypto-twitter member @0revenue. It should be noted that there is no official confirmation from PeckShield or the BeanStalk DAO that the quick loan was made for $75 million.
Our initial analysis shows the @BeanstalkFarms loss is ~$182m ! Here is the breakdown of stolen assets: 79,238,241 BEAN3CRV-f, 1,637,956 BEANLUSD-f, 36,084,584 BEAN, and 0.54 UNI-V2_WETH_BEAN. https://t.co/8OzPn8F8ot
— PeckShield Inc. (@peckshield) April 17, 2022
However, the transaction details indicate that mining could be around that number, as seen in the following screenshot.
At the time of writing, the address used to mine the BeanStalk DAO has an Ethereum balance of 19,955 ETH, worth approximately $61 million. Furthermore, Ethereum appears to be in the process of being sent to Tornado Cash’s mixing service in the amount of 100 ETH.
BeanStalk is a decentralized credit-based stablecoin protocol. According to the official project report, it ‘uses a dynamic peg maintenance mechanism to regularly surpass the price of 1 Bean (the Beanstalk ERC-20 Standard stablecoin) over its value peg without centralization or collateral requirements.
The protocol consists of three interconnected components: a decentralized price oracle, a decentralized governance system, and a decentralized credit facility. In addition, Bean Farm has two components: Silo and Field. The silo provides passive returns to the owners of Bean and other whitelisted properties. The field offers a profitable opportunity to creditors known as Bean farmers for their work in maintaining rates.
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