On Sunday morning, the attacker took $182 million from Beanstalk, an Ethereum-based credit-focused stablecoin protocol.
According to a tweet by blockchain security firm PeckShield, the hacker took funds into various crypto assets. The funds were non-Beanstalk user assets.
The exploiter used a large amount of Beanstalk’s native token, took out a flash loan, passed a fake governance proposal, and moved all the funds of protocol to a private Ethereum wallet.
PeckShield told about all this heist on their Twitter handle. They also said that the hacker donated $250,000 of the stolen funds to a Ukrainian relief wallet.
Project leads wrote, “Beanstalk did not use a flash loan resistant measure to determine the % of Stalk that had voted in favor of the BIP. This was the fault that allowed the hacker to exploit Beanstalk.”
Beanstalk Farms tweeted, “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.”
In response to the tweet, Lossless, a crypto-hack migration tool, offered help to Beanstalk.
The native token of Beanstalk has suffered as a result of the attack. The price of the token dropped from $1 to $0.06 on the day of the attack.