Hackers drain $182 million from Ethereum-based beanstalk farms

Beanstalk Farms, a Ethereum ETH/USD based on the DeFi protocol, suffered an exploit on Sunday.

What happened: According to an update from the blockchain security firm Peck Shieldhackers drained $182 million from the protocol through a flash loan exploit.

All stolen funds of $80 million from @BeanstalkFarms (along with the alarming protocol loss of $182 million) were laundered via @TornadoCash https://t.co/ZqKsqQRVga pic.twitter.com/3nO4qX8rRE

— PeckShieldAlert (@PeckShieldAlert) April 17, 2022

The attackers were able to personally earn $80 million worth of cryptocurrency, which they laundered through the coin mixing tool. Tornado Cash RIPPED/USDaccording to Peck Shield.

We are making every effort to try to move forward. As a decentralized project, we are asking the DeFi community and on-chain analysis experts to help us limit the exploiter’s ability to withdraw funds via CEX. If the exploiter is open to discussion, so are we. https://t.co/fwceVz6hbi

— Beanstalk Farms (@BeanstalkFarms) April 17, 2022

Peck Shield also observed that hackers sent $250,000 worth of USD Coin USD/USD to the address of Ukraine Crypto Donation.

At the time of writing, Peck Shield discovered that there were 15,154 ETH left in the hackers’ account.

Beanstalk’s USD-pegged stablecoin fell 94% below its peg to hit a low of $0.06 following the news.

Price Action: According to data from BenzingaProETH was trading at $2,990, down 2.27% in the past 24 hours.

About Jon Moses

Check Also

CFPB Releases Spring 2022 Monitoring Highlights | PC Weiner Brodsky Kider

The CFPB recently published its Spring 2022 Watch Highlightsdiscussing the findings of his reviews regarding …