DeFi protocol BeanstalkFarms was drained of over $180 million in a Sunday exploit. skesslr reports
Beanstalk Farms, an Ethereum-based stablecoin protocol, was exploited for $182 million Sunday.
The attack was flagged on Twitter by blockchain security firm PeckShield, which said the attacker made away with at least $80 million in crypto, although the losses suffered by the protocol were much larger. When reached for comment, Beanstalk pointed CoinDesk to a post in its Discord server summarizing how the attack occurred.on lending platform Aave which enabled them to amass a large amount of Beanstalk’s native governance token, Stalk. With the voting power granted by these Stalk tokens, the attacker was able to quickly pass a malicious governance proposal that drained protocol funds into a private Ethereum wallet.
Beanstalk declined to provide details to CoinDesk regarding whether funds would be reimbursed to users, saying more news will be coming in a town hall event scheduled for Sunday.Ukrainian relief walletThis is the latest in a string of major decentralized finance exploits to occur in the past few weeks. In March, Axie Infinity’s Ronin Blockchain was exploited for $625 million in an attack that U.S.
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