Was Beanstalk hacked?

Beanstalk, an Ethereum-based stablecoin protocol, has been drained of more than $80 million worth of various cryptocurrencies, according to blockchain security firm PeckShield. In a series of tweets, PeckShield explained that the hacker was able to use a flash loan attack in order to purchase plenty of BEAN tokens.

Did Beanstalk get jacked by a giant flash attack?

Beanstalk got jacked by a giant flash attack. Beanstalk. Image: Shutterstock In the fourth-largest decentralized finance (DeFi) exploit to date, a hacker reportedly used a flash attack to take $182 million in Ethereum, BEAN stablecoin, and other assets from the Beanstalk stablecoin protocol over the weekend.

Can Beanstalk farms stay afloat if a hacker stole $182 million?

Here’s how Beanstalk Farms is hoping to stay afloat Beanstalk Farms is appealing to the hacker that stole $182 million in cryptocurrency on Sunday, offering a $1.8 million “ Whitehat bounty” if the exploiter returns 90% of the stolen funds. Hackers stole the crypto by exploiting the decentralized finance project’s governance system.

What is the Beanstalk exploit?

The Beanstalk exploit was made possible by another DeFi mechanism known as a “flash loan,” which allows users to borrow large amounts of cryptocurrency for very short periods of time.