DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack
18 Aprile 2022 - 12:31AM
NEWSBTC
Another DeFi platform took a major hit today, as the decentralized,
credit-based stablecoin Beanstalk (with it’s stablecoin $BEAN) has
broken it’s peg following a roughly $80M hack. Speculation has been
left, right and center and a number of sleuths have been tracking
the movement of funds and studying the exploit that has likely left
Beanstalk Farms in the dust. Let’s look at what we know from the
early hours since the hack. Beanstalk Farms’ Hack: What Went Down
The transaction on Etherscan shows that the hacker used what’s
commonly known as a ‘flash loan attack,’ one that has been seen on
DeFi protocols previously. A flash loan in crypto allows a user to
borrow and repay a loan in a single transaction, which minimizes
risk for lenders and can streamline processes for borrowers. In the
Beanstalk Farms hack, the hacker borrowed nearly a third of the
BEAN supply, roughly 32 million tokens and utilized Curve Finance’s
$3Crv tokens to generate a unique tokens ‘BEAN3CRV-f’ and
‘BEAN3LUSD-f.’ The attacker utilized these two new tokens to
deceive Beanstalk’s governance model and gave the hacker a massive
majority holding of ‘seeds,’ the platform’s governance token. With
such a larger holding of seeds, the hacker had the contractual
capability to execute an ’emergency governance action,’ siphoning
massive amounts of funds from the Beanstalk contract. The hacker
even included a $250K donation to the Ukrainian donation address as
part of the hack, and set up the governance proposals over 24 hours
prior to actual execution of the flash loan attack. Lossless (LSS)
has reached out to Beanstalk; the project is an
increasingly-utilized tool to combat against potential hacks. |
Source: LSS-USDT on TradingView.com Related Reading | Bitcoin
Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The
Short Term Can The Protocol Recover? Just days ago, Beanstalk
was celebrating over $150M in TVL, over $130M in liquidity, and a
rapidly approaching market cap of $100M that was impending. The
protocol has had to pump the brakes, and it’s future is now unclear
– with a stark Discord screenshot from admins: How the protocol
recovers from here will be difficult to predict. Additional Discord
screenshots show that the project is not shutting down immediately,
but is also not committing towards an eventual re-build: Crypto
hack mitigators Lossless have reached out and Beanstalk will likely
need strong partners to recover from this. Commentors on
Beanstalk’s Twitter account have speculated that it was an ‘inside
job’ conducted by Beanstalk to leave retail as exit liquidity.
However, until more details come to light, it’s all speculation.
We’re engaging all efforts to try to move forward. As a
decentralized project, we are asking the DeFi community and experts
in chain analytics to help us limit the exploiter's ability to
withdraw funds via CEXes. If the exploiter is open to a discussion,
we are as well. https://t.co/fwceVz6hbi — Beanstalk Farms
(@BeanstalkFarms) April 17, 2022 Related Reading | ADA To Rebound
With Integration Of USDT And USDC On Cardano Featured image from
Pixabay, Charts from TradingView.com The writer of this content is
not associated or affiliated with any of the parties mentioned in
this article. This is not financial advice.
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