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Ethereum Stablecoin Dapp Loses Over $180 Million in Exploit

Cory Russell

Apr 19, 2022 10:57


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For the first time, the protocol's TVL has topped $150 million.


Furthermore, the exploiter made a $250k donation to the Ukraine Crypto Donation.


The Beanstalk Farms, an Ethereum-based Decentralized Finance (DeFi) scheme, was targeted for $182 million today, demonstrating that 2022 isn't taking a break from crypto cyber attacks.


Beanstalk Farms was the victim of a $182 million hack in which over 24.8 thousand ETH and 36 million BEAN were stolen.


The protocol's TVL just surpassed $150 million for the first time.


In addition, the exploiter donated $250k to the Ukraine Crypto Donation.


Another Ethereum-based Decentralized Finance (DeFi) scheme dubbed the Beanstalk Farms was attacked for $182 million today, indicating that 2022 isn't taking a holiday when it comes to crypto cyber assaults.


April Witnesses Its First Major Attack

According to Peckshield Inc., a blockchain security and data analytics business, an unusual transaction occurred on Ethereum, which was reported to the Dapp.


Millions of dollars were exchanged in Ethereum (ETH), BEAN, DAI, and USDT.


Closer examination revealed that the transaction was the result of the exploit, which was subsequently validated by the protocol. Beanstalk Farms announced the hack on Twitter, saying, "Beanstalk experienced an exploit today." The Beanstalk Farms team is investigating the incident and will inform the community as soon as possible... We're putting in every effort to make progress. We're asking the DeFi community and specialists in chain analytics to assist us restrict the exploiter's capacity to withdraw assets through CEXes as a decentralized initiative. If the exploiter is willing to talk, we are as well."


According to Peckshield, the hack was carried through via BIP18's flash loan aided pass. The hacker initially withdrew over 100 ETH worth $291k, which served as the attack's starting funding.


The hack's profits were more than $80 million, which were placed in Tornado Cash. The hacker even contributed $250k to the Ukraine Crypto Donation out of the $80 million.


Overall, the hacker made off with $24,830 worth $72.4 million and another 36 million BEAN, which was worth $36 million before yesterday but is now only worth $4.36 million.


The onslaught had such a strong impact on the price action that the coin ended up shedding more than 86 percent of its original $1.1 value and is now trading at $0.12.

Hacks and Exploits Emerging From?

While no one organization can be blamed for this incident, North Korea is notorious for large-scale hacking.


The Lazarus gang, which is controlled by the governing party, was also responsible for the largest attack in crypto history, in which Axie Infinity's Ronin Network lost $625 million.


In 2021, the hackers exploited more than $400 million in digital assets on their own, and they continue to bring attention to themselves. The Lazarus Group will be motivated to carry out additional such hacks if North Korea seems to be utilizing this cash to boost its missile development.

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