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Defi Protocol Beans Loses $80M in Flash Loan Hack

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The next DeFi hack shakes the crypto scene. This Easter Sunday, unknown persons carried out a so-called flash loan attack on the stablecoin protocol Bean (BEAN). Cryptocurrencies worth more than 80 million US dollars were stolen.

As a result of an exploit, hackers stole around 80 million US dollars from the Beanstalk Farm liquidity pool of the algorithm-based stable coin protocol Bean (BEAN).

The DeFi lending protocol lost more than 24,830 Ethereum (ETH) and a good 36 million bean tokens as a result of a so-called flash loan attack. Hacker has roughly moved around roughly $30M (~9700 ETH) into Tornado Cash. Below is the screenshot of Tornado Cash Transactions.

Hackers have also donated around ~$250k in USDC into Ukraine Crypto Donation.

The attackers completely emptied the protocol contract. The Beanstalk Farms team is trying to identify more details in an analysis that has been initiated.

The type of attack used here, a targeted attack via so-called flash loans.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

In the below image by Peckshield, you can see all the steps performed by the Hacker.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

These kinds of attacks has been a popular approach for scammers in the DeFi sector since 2020. Large -scale flash loan attacks on the Binance Smart Chain (BSC) caused a stir last year. A total of around USD 1 billion in damage was stolen from various DeFi projects.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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