Stablecoin Protocol Beanstalk Lost $182 M in an Exploit

by in DeFi News

BEAN hack

On April 17, Ethereum-based decentralized stablecoin protocol Beanstalk was exploited and lost $182 M as a result. Security, and data analytics company PeckShield tweeted based on Etherscan data that the attacker managed to get away with $80 M and move it via privacy transactions protocol Tornado Cash.

Related: FBI Attributed Hacker Group Behind the Ronin Attack

Hackers used a flash loan to do the exploit. According to PeckShield, 15,154 Ethers still stay in the hacker's account. The address donates 250,000 USDC stablecoins to Ukraine Crypto Donation.

The latest update says that Beanstalk's loss is around $182 M and the hacker nets $80 M. The rest of the funds, $100 M, go to different protocols as fees to pay flash loans and swap.

After the hack, the BEAN price fell significantly. According to data tracker CoinGecko, the price of the USD-pegged stablecoin currently is around $0.25.