The platform’s native token, BEAN, collapsed by 86% following a hacker attack

​DeFi protocol Beanstalk lost $80 million in hack

18.04.2022 - 11:10

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2 min

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What’s new? On April 17, Beanstalk Farms, a DeFi-protocol, was hacked, resulting in hackers withdrawing $80 million. The analysts at PeckShield reported on Twitter that the attackers took out a flash loan on the Aave lending platform to get Beanstalk governance tokens. With the voting rights granted by these tokens, they were able to conduct a fake vote, where they used their own address on the Ethereum network.

Source: Twitter.com

Details of the hack. The protocol lost $182 million of its total value locked (TVL). The hackers were able to withdraw 24 830 ETH and 36 million BEAN tokens ($80 million). The attackers transferred 24 830 ETH ($71,8 million) to the Tornado Cash transaction mixer. Beanstalk has not yet provided information on whether the funds will be refunded to users.

What had happened before? In March 2022, the Ronin Network sidechain used by the popular Axie Infinity game was attacked by hackers. With the exploit, the criminal withdrew more than $625 million in cryptocurrency. The US Treasury Department added to the sanctions list a wallet containing 148 000 ETH from the Ronin Network hack. The FBI linked the sidechain attack to the Lazarus hacker group from North Korea. In April 2022, Elephant Money (ELEPHANT), a DeFi protocol, was subjected to a hacker attack, causing the platform to lose $22 million.

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