Ethereum-based Stablecoin Protocol Beanstalk Farms Exploited for $182 Million

Ethereum–based Stablecoin Protocol Beanstalk Farms Hit by Major Cyber Attack

In a major cyber attack, an unknown assailant made off with $182 million from the Ethereum–based stablecoin protocol Beanstalk Farms.

This attack was flagged by blockchain security firm PeckShield, who said that the attacker made away with at least $80 million in crypto.

As a result of the attack, the market for Beanstalk‘s BEAN stablecoin collapsed, with the token down 86% from its $1 peg.

Beanstalk‘s smart contracts were audited by the blockchain security firm Omnicia, but the audit was completed before the introduction of the flash loan vulnerability that the attacker exploited.

This is the latest in a string of major decentralized finance (DeFi) exploits to occur in the past few weeks.