Another Defi Project Hacked For $80 Million

Another decentralized finance (DeFi) protocol called Beanstalk DAO was hacked on April 17, 2022. Experts stated that, according to preliminary estimates, approximately $75 million – $80 million were stolen by the attackers.

Security analysts assured that a criminal or a group of hackers exploited a smart contract that allows you to receive instant loans (Flash loan). It is assumed that the attacker exploited the vulnerability of the code and managed to withdraw all the funds in a fraudulent way.

According to experts from PeckShiled, the exploiter has already begun transferring part of the Ethereum assets to the Tornado Cash mixer. According to experts, this hack will be the second largest this year after the attack on the Ronin network.

At the moment, representatives of the blockchain security office and the leaders of the DeFi protocol have refused to comment on this situation. Social media users assured that according to the transaction details in the blockchain explorer, the BeanStalk DAO project still has 19,955 ETH on its balance sheet, worth approximately $61 million.

Social media users noted that BeanStalk is a decentralized stablecoin protocol based on a credit system. It uses a dynamic anchoring mechanism to regularly exceed the price of a Bean without the need for centralization or collateral.

Earlier edition informed that cybersecurity experts from CertiK said that the hacker responsible for the exploit of the Ronin network has already withdrawn more than $110 million from his wallet. He sent part of the funds to the world’s largest centralized exchanges. However, he ran the largest share through the Tornado Cash mixing protocol, which allows you to confuse the traces of the movement of digital funds.

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