{"id":95,"date":"2023-03-04T00:26:33","date_gmt":"2023-03-04T00:26:33","guid":{"rendered":"http:\/\/demo2.aiwalls.com\/cryptonews\/?p=95"},"modified":"2023-03-04T00:26:33","modified_gmt":"2023-03-04T00:26:33","slug":"beanstalk-hacker-drains-usd-182m-from-project-but-nets-only-usd-80m","status":"publish","type":"post","link":"https:\/\/alibaba.fm\/?p=95","title":{"rendered":"Beanstalk Hacker Drains USD 182M from Project, But Nets Only USD 80M"},"content":{"rendered":"

Beanstalk Hacker Drains USD 182M from Project, But Nets Only USD 80M<\/p>\n

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Source: AdobeStock \/ Sergey Nivens<\/figcaption><\/figure>\n

 <\/p>\n

Beanstalk, a decentralized credit-based stablecoin protocol, fell victim to a flash-loan attack over the weekend that saw the protocol exploited for USD 182m worth of crypto. However, the attacker managed to cash out ‘only’ USD 80m.<\/p>\n

According to blockchain security firm PeckShield, the attacker ran away with ETH 24,830 and the protocol’s stablecoin BEAN 36m, among others. <\/p>\n

After swapping, BEAN lost its dollar peg, which could explain why the attacker netted much lower.<\/p>\n

At 7:20 UTC on Monday morning, the 787th coin by market capitalization, BEAN, is trading at USD 0.298, down by 70.5% over the past 24 hours, hence more than 70% in a week, which is a far cry from its target peg of USD 1.<\/p>\n

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BEAN 7-day price chart. Source: coingecko.com<\/figcaption><\/figure>\n

Per PeckShield alerts account, the stolen USD 80m has been laundered via the coin mixing tool Tornado Cash. <\/p>\n

The address marked as the “Beanstalk Flashloan Exploiter” currently holds only USD 238.54 worth of ETH. <\/p>\n

<\/figure>\n

In a Sunday post, Publius, an admin of Beanstalk’s Discord server, detailed that the hack happened after the attacker took out a flash loan from decentralized finance (DeFi) lending protocol Aave and accumulated a large amount of Beanstalk’s native governance token, Stalk.<\/p>\n

After gaining a Stalk position of more than 67%, the attacker was able to pass a malicious governance proposal that transferred all assets in the Beanstalk contract to their wallet.<\/p>\n

\n

“Beanstalk did not use a flash loan resistant measure to determine the % of Stalk that had voted in favor of the [improvement proposal],” they added. “This was the fault that allowed the hacker to exploit Beanstalk.”<\/p>\n<\/blockquote>\n

Meanwhile, in a Discord meeting earlier today, the developers reportedly doxxed themselves.<\/p>\n

Similarly, in a recent announcement on Discord, the developers revealed their identities, adding that they had no “involvement with, and no prior knowledge of, the attack.”<\/p>\n

“I am Benjamin Weintraub, and I am here with Brendan Sanderson and Michael Montoya. We are Publius. We are the individuals who created Beanstalk,” the announcement said.<\/p>\n

The developers also claimed that they have contacted the US Federal Bureau of Investigation (FBI) and informed the federal agency’s internet crime center of the attack, adding that: <\/p>\n

\n

“We intend to fully cooperate with the FBI to track down the perpetrators, and hopefully recover everything that was stolen.”<\/p>\n<\/blockquote>\n

Nevertheless, the project needs some big investment to replenish liquidity in order to move forward. According to Mark Jeffrey, an award-winning author and serial entrepreneur, a USD 50m infusion could help the project resume functions.<\/p>\n

“For a VC or whale who missed out on LUNA and still believes this could be big stablecoin protocol, there’s a unique opportunity to swoop in and re-power it — and own a ton of it,” Jeffrey said.<\/p>\n

<\/figure>\n

____<\/p>\n

Learn more:
– North Korea’s Lazarus Group Behind Axie Infinity’s Ronin Hack, Say US Treasury, FBI
– Axie Infinity Developer Sky Mavis Offers up to USD 1M in Bounty for ‘Fatal Bugs’<\/p>\n

– Here’s How You Can Protect Yourself Against Phishing as Trezor is Attacked
– Crypto Security in 2022: Prepare for More DeFi Hacks, Exchange Outages, and Noob Mistakes <\/p>\n

– Digital Collectibles Marketplace VeVe Loses ‘Large Amount of Gems’ in an Exploit
– ApeCoin Smart Contract Exploited, ‘Well-Prepared Claimer’ Walks Away With USD 380K<\/p>\n

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Beanstalk Hacker Drains USD 182M from Project, But Nets Only USD 80M Source: AdobeStock \/ Sergey Nivens   Beanstalk, a decentralized credit-based stablecoin protocol, fell victim to a flash-loan attack over the weekend that saw the protocol exploited for USD 182m worth of crypto. However, the attacker managed to cash out ‘only’ USD 80m. According […]<\/p>\n","protected":false},"author":1,"featured_media":96,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-95","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/posts\/95","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/alibaba.fm\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=95"}],"version-history":[{"count":0,"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/posts\/95\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alibaba.fm\/index.php?rest_route=\/wp\/v2\/media\/96"}],"wp:attachment":[{"href":"https:\/\/alibaba.fm\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=95"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alibaba.fm\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=95"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alibaba.fm\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=95"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}