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Ethereum Stablecoin Dapp Loses Over $180 Million in Exploit | #cybersecurity | #cyberattack | #hacking | #aihp

The transaction included millions in Ethereum (ETH), BEAN, DAI, and USDT.

Upon closer inspection, it became evident that the transaction was born out of the exploit, which was later confirmed by the protocol itself. Announcing on Twitter, Beanstalk Farms stated,

“Beanstalk suffered an exploit today. The Beanstalk Farms team is investigating the attack and will make an announcement to the community as soon as possible… We’re engaging all efforts to try to move forward. As a decentralized project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter’s ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well.”

According to Peckshield, the hack was executed thanks to the flash loan assisted pass of BIP18. The hacker first withdrew over 100 ETH worth $291k, which acted as the initial funds needed to launch the attack.

The gains that came from the hack exceeding $80 million were deposited to Tornado Cash. Out of this $80 million, the hacker even donated $250k to the Ukraine Crypto Donation.

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National Cyber Security