Home » Attacker Drains $182M from Ethereum-based Beanstalk Stablecoin

Attacker Drains $182M from Ethereum-based Beanstalk Stablecoin

The second nine-figure DeFi exploit of the month is the flash loan attack. The Ethereum-based Stablecoin Protocol was exploited for $182M. Blockchain security firm PeckShield flaunted the attack on Twitter, the losses incurred were huge. The attack resulted in the collapse of Beanstalk’s BEAN stablecoin. According to CoinGecko the token was down to 86% from its $1 peg. CoinDesk was pointed to the Discord server of Beanstalk to summarize the attack.

The attacker taking a flash loan out of Aave used to gather a huge amount of Beanstalk’s native token stalk, thus with this voting power, the attacker passing the governance proposal drew the protocol funds to a private Ethereum wallet.

The stolen funds were laundered through Tornado Cash, informed by PeckShield.

Omnicia, Beanstalk’s blockchain security firm which audits its smart contracts completed the audit before the flash loan. No details were given by Beanstalk to CoinDesk regarding the reimbursement of the funds to the users.

$250,000 was donated to a Ukrainian relief wallet by the attacker, according to PeckShield.

The latest to take place in the line with major decentralized finances in the last few weeks. Axie Infinity’s blockchain Ronin was attacked in March for $625M, officials have linked it to North Korea.