Beanstalk ($BEAN) Hacked Over $180 Million

This weekend, a security flaw was discovered in Beanstalk, a decentralized credit-based stablecoin protocol built on the Ethereum network. According to PeckShield, a blockchain security firm, Beanstalk lost an estimated $182 million due to the security breach.

The exploit has been confirmed by Beanstalk Farms, the team behind the invention and operation of the Beanstalk protocol. The team stated on their official Twitter account that the investigation into the attack is still ongoing. At the time of writing, the price of the $BEAN stablecoin has de-pegged from $1 to $0.19.

This weekend, a security flaw was discovered in Beanstalk, a decentralized credit-based stablecoin protocol built on the Ethereum network. According to PeckShield, a blockchain security firm, Beanstalk lost an estimated $182 million due to the security breach.

The exploit has been confirmed by Beanstalk Farms, the team behind the invention and operation of the Beanstalk protocol. The team stated on their official Twitter account that the investigation into the attack is still ongoing. At the time of writing, the price of the $BEAN stablecoin has de-pegged from $1 to $0.19.

Although the hackers demonstrated some humanitarian feelings by donating $250k in USDC to Ukrainian crypto donation addresses, they have continued to launder the remaining funds with Tornado Cash. Tornado Cash is a non-custodial decentralized protocol that allows for private transactions and has proven useful to hackers looking to launder stolen funds.

Protocol Exploits are on the Rise
Decentralized protocol security breaches are increasing at an alarming rate. Over a billion dollars have been lost this year alone as a result of these exploits. According to earlier reports, the most notable incidents include the theft of over $600 million from blockchain gaming network Ronin and the drain of over $300 million from cross-chain bridge protocol Wormhole.

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