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Beanstalk Suffers Massive Hack, BEAN Crashes to Zero

Sun, 04/17/2022 - 15:43
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Alex Dovbnya
A hacker has drained $80 million from Ethereum-based stablecoin protocol Beanstalk
Beanstalk Suffers Massive Hack, BEAN Crashes to Zero
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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.

They then created a fake BIP-18 in order to mint an unlimited number of tokens.

The Beanstalk (BEAN) stablecoin has lost its peg, collapsing to virtually zero following the attack, according to CoinGecko data.

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It is a collateral-free stablecoin that relies on a decentralized community of lenders in order to maintain its price stability.

At press time, the hacker managed to move roughly $30 million to Tornano Cash, a coin mixing tool that runs on top of the Ethereum blockchain.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at