Beanstalk Farms Hacked, Around $80M Lost, $250K into Ukraine Crypto Donation

Key Takeaways:

  • Beanstalk Farms is exploited in a flurry of transactions, leading to the gain of $80M for the Hacker, including 24,830 ETH and 36M BEAN.

So if we compare the amount hacked in this hack with the Rekt Leaderboard. This hack is the 10th biggest in the history of DeFi. It has even surpassed the $77.7 M of the AscendEX Network. Below is a quick overview of this project.

Beanstalk Farms has described itself as a decentralized credit-based stablecoin protocol.

Here are the links to Hacker’s transactions: Link 1 and Link 2.

The hack is made possible due to the flashloan-assisted (immediate) pass of BIP18, which was submitted one day ago. Here is the link to that transaction: Link. The BIP18 leads to the crafted code execution with the governance privilege to drain the pool fund.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

In the below image by Peckshield, you can see all the steps performed by the Hacker.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

This project was audited by Omniscia Team. They are a decentralized team of experienced, smart contract auditors & developers with deep expertise in building and securing complex decentralized networks and applications.

They were tasked with performing an audit of the Beanstalk codebase and, in particular, their complete stablecoin protocol implementation. Throughout the audit, they were able to pinpoint a significant vulnerability in plot transfers and several potentially exploitable attack vectors. Here is the link to the audit.

As the result of this attack, the price of its native token, i.e. BEAN, is decreased by 100%.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

Publius, the discord owner, has stated that the project has no money to carry on, and its dead.

Hacker has roughly moved around roughly $30M (~9700 ETH) into Tornado Cash. Below is the screenshot of Tornado Cash Transactions.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation

Hackers have also donated around ~$250k in USDC into Ukraine Crypto Donation. Below is the screenshot of these donations.

Beanstalk Farms Hacked, Around $80M Lost, $250K Into Ukraine Crypto Donation
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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)

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