DeFi protocol Beanstalk Farms lost over $180 million to malicious players due to an exploit on April 17 that allowed a hacker to pass a governance proposal.
The Ethereum-based stablecoin protocol’s exploit left several tokens missing and saw its U.S. dollar-pegged stablecoin drop below the $1 mark.
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.
— Beanstalk Farms (@BeanstalkFarms) April 17, 2022
Beans protocol exploited
Blockchain security company PeckShield first reported the hack on Twitter and said a hacker stole more than $80 million by exploiting Beanstalk Farms.
1/ The @BeanstalkFarms was exploited in a flurry of txs (https://t.co/PMsdP5dnJG and https://t.co/wyHe3ARZgU),leading to the gain of $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.
— PeckShield Inc. (@peckshield) April 17, 2022
The hacker used flash loans to o
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