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.
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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Vladislav Sopov
Dan Burgin