Hackers Drain $182M From Ethereum-Based Crypto Project In Flash Loan Exploit

Hackers Drain $182M From Ethereum-Based Crypto Project In Flash Loan Exploit

Beanstalk Farms, an Ethereum ETH/USD based DeFi protocol, suffered an exploit on Sunday.

What Happened: According to an update from blockchain security firm Peck Shield, hackers drained $182 million from the protocol through a flash loan exploit.

The attackers were personally able to gain $80 million worth of cryptocurrency, which they laundered through the coin mixing tool Tornado Cash TORN/USD, according to Peck Shield.

Peck Shield also observed that the hackers sent $250,000 worth of USD Coin USDC/USD to the Ukraine Crypto Donation's address.

At the time of writing, Peck Shield found that 15,154 ETH remained in the hackers' account.

Beanstalk’s U.S dollar-pegged stablecoin dropped 94% below its peg to a low of $0.06 following the news.

Price Action: According to data from Benzinga Pro, ETH was trading at $2,990, down 2.27% in the last 24 hours.

Posted In: Beanstalk FarmsEthereumhackingCryptocurrencyNewsMarkets

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