Beanstalk Farms is an ETH-based stabelcoin protocol that was recently exploited out $180 million and saw the hacker actually donating part of the stolen funds to Ukraine as we can see more today in our latest cryptocurrency news.
The latest exploit against the decentralzied finance protocol Beanstalk Farms resulted in a loss of over $180 million during the weekend with some of the losses actually being donated to Ukraine’s aid. As a result of the attack, the native crypto BEAN crashed by more than 80% in a few minutes. Hours after outlining that it attracted more than $150 million in TVL, Beanstalk Farms reported that it became the latest DEFI victim in a new security breach. The team said that it started investigating the issue while the security company PeckShield informed that the attacker drained more than $80 million but the protocol’s losses were much bigger.
1/ The @BeanstalkFarms was exploited in a flurry of txs (https://t.co/PMsdP5dnJG and https://t.co/wyHe3ARZgU),
leading to the gain of $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.
— PeckShield Inc. (@peckshield) April 17, 2022
The company explained that the exploit became possible via a flash loan-assited pass of BIP18 which was submitted a day ago. PeckShield noted that the attacker withdrew the funds to start the hack from Synapse Protocol and deposited the funds into TornadoCash. It seems that the perpetrator donated 250,000 USDC to the Ukraine Crypto Donation wallet. Beanstalk’s Discord post explained that the attacker took out a flash loan on Aave and amassed a huge portion of the project’s governance token which enabled them to pass a malicious governance protocol and send the funds to the ETH wallet. As a result, the BEAN token dumped from the $1 peg to below $0.1 at this point.
As recently reported, The total value of the cryptocurrency donations to Ukraine is updated regularly at SlowMist and it is a Chinese threat intelligence company whcih keeps an online library of malicious addresses and other databases for other tabs holding like the effort to support Ukraine amid the current struggles. The Slowmist Database of charitable donations to the Ukrainian effort to sue the peace during the talks with Russian officials in Istanbul shows $104 million worth of crypto raised for the cause.
Some of the moeny is going to defensive equipment as per a Ukrainian official as well as airdrops to artists and creators that document the Russia-Ukraine war. That made the war not the first invasion of a sovereign nation by another country in Europe since the second world war and is the first documented in near real-time and fast-evolving NFT museum.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]