07 December 2023

Beanstalk Farms Lost $180M in Flash Loan Attack, Hacker Donates 250K USDC to Ukraine

The Beanstalk Farms, an Ethereum-based stablecoin protocol, was exploited during the weekend, with the total losses skyrocketing to over $180 million. As a result, the native cryptocurrency (BEAN) plummeted by more than 80% in minutes. Just hours after highlighting that it had attracted more than $150 million in TVL, Beanstalk Farms reported that it became the latest DeFi victim of a security breach. The team initially said it had begun investigating the issue, while the blockchain security resource PeckShield informed that the attacker siphoned off at least $80 million, but the protocol’s losses were more significant. The company explained that the exploit became possible through a “flash loan-assisted (immediate) pass of BIP18, which was submitted one day ago.”