Beanstalk cryptocurrency project robbed after hacker votes to send themself $182 million
by Corin Faife from The Verge - All Posts on (#5Y9ZF)
Illustration by Alex Castro / The Verge On Sunday, an attacker managed to drain around $182 million of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing the supply and demand of different cryptocurrency assets. Notably, the attack exploited Beanstalk's majority vote governance system, a core feature of many DeFi protocols.
The attack was spotted on Sunday morning by blockchain analytics company PeckShield, which estimated the net profit for the hacker was around $80 million of the total funds stolen, minus some of the borrowed funds that were required to perform the attack.
Beanstalk admitted to the attack in a tweet shortly afterward, saying they were investigating the attack and will make an announcement to the community as soon...