Yet Another Ethereum-based DeFi Protocol Suffers $180 Million Exploit ⋆ ZyCrypto - BitcoinEthereumNews.com
Beanstalk, a decentralized credit-based stablecoin protocol suffered an exploit on Sunday, April 17 which left $181M in various tokens missing. “Beanstalk suffered an exploit today. The Beanstalk Farms team is investigating the attack and will make an anouncement to the community as soon as possible.” Beanstalk wrote on its official Twitter page following the exploit. According to a thread of tweets by crypto researcher Igor Igamberdiev, the attacker managed to make away with $76M out of the loot after the cleverly choreographed heist. According to researchers, the attack at hand was not a bridge exploit like in the case of Ronin but a flash loan attack. The attacker reportedly flashloaned 350M $Dai, 500M $USDC, 150M $USDT, 32M $Bean, 11.6M $LUSD 2 from three dexes before adding the amounts to Curve.fi with BEAN for the governance voting. The exploiter later used the acquired assets to vote for a BIP18 governance proposal that moved all funds from the protocol contract to the exploiter. The exploiter then “donated” 250,000 USDC to Ukraines crypto donation before using another portion to repay the flash loans. He later converted the remaining funds to 24.8k WETH ($76M), part of which was sent to Tornado cash while the rest (the initial amount