DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack
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....
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Beanstalk Farms stablecoin protocol was relaunched on Aug. 6 with the team working to hopefully reclaim the $100 million market cap of its BEAN stablecoin prior to the hack in April. Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol just under four months after going offline after suffering a devastating $77 million governance exploit.The protocol and its governance have been paused since April following the governance exploit and flash loan attack, but were relaunched as of Aug. 6 in an event called the “Replant.” In an announcement shared with....
Beanstalk Farms offered a whitehat bounty to exploiters and outlined its plans moving forward should it be unsuccessful in its plea. Beanstalk Farms, a credit-based stablecoin protocol exploited for around $76 million in crypto on April 18, has offered a bounty of 10% if the attackers return the funds. The offer was posted on the company’s Twitter and sent to the attackers via an on-chain message the following day. It proposed that the exploiters return 90% of the stolen funds to the Beanstalk Farms’ multisignature wallet. In return, the exploiters will be allowed to keep the remaining 10%....
The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of the project’s leaders say they are now working with exchanges in order to identify the attacker, as well as to freeze the tokens before they are liquidated. Funds Located The Origin Protocol attack follows a similar incident at Value Defi on November 14 where the criminals stole $6 million worth of tokens.....
The stablecoin protocol saw its own governance proposal system exploited enabling the malicious actors to extract all of its $182 million in collateral. Credit-based stablecoin protocol Beanstalk Farms lost all of its $182 million collateral from a security breach caused by two sinister governance proposals and a flash loan attack.The problem for the protocol was seeded by suspicious governance proposals BIP-18 and BIP-19 issued on April 16 by the exploiter that asked for the protocol to donate funds to Ukraine. However, those proposals had a malicious rider attached to them which....
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