News

Beanstalk DAO Allegedly Suffers Flash Loan DeFi Exploit Worth $75M

The DeFi industry Beanstalk is potentially facing a new exploit less than a month after the $625 million hack on Axie Infinity.

According to crypto-twitter member @0revenue, Beanstalk DAO has been exploited through a flash loan to the tune of $75 million. Furthermore, the perpetrator of the exploit might have orchestrated the exploit by initiating a proposal to ‘Give 250,000 Bean to Ukraine‘.

Crypto-twitter member @0revenue

PeckShield Inc. Alerts BeanStalk DAO of the DeFi Hack

The team from PeckShield Inc, a blockchain and data analytics company, has also alerted BeanStalk DAO via Twitter, of the possibility of a flash loan on the protocol.

The transaction shared by PeckShield Inc. is the same one highlighted by crypto-twitter member @0revenue. To note is that there is no official confirmation from either PeckShield or BeanStalk DAO that the flash loan was executed to the tune of $75 million.

However, the transaction details indicate that the exploit could be around that figure as seen in the following screenshot.

Transaction details of the possible flash loan

Ethereum is Already Being Deposited to Tornado Cash

At the time of writing, the address used to exploit the BeanStalk DAO has an Ethereum balance of 19,955 ETH worth roughly $61 million. Moreover, the Ethereum seems to be in the process of being sent to the mixer service of Tornado Cash in batches of 100 ETH.

More on BeanStalk Farm

BeanStalk is a decentralized credit-based stablecoin protocol. According to the project’s whitepaper, it ‘uses a dynamic peg maintenance mechanism to regularly cross the price of 1 Bean (the Beanstalk ERC-20 Standard stablecoin) over its value peg without centralization or collateral requirements.’

The protocol consists of three interconnecting components: a decentralized price oracle, a decentralized governance system, and a decentralized credit facility.

Additionally, the Bean farm has two components: the Silo and Field. The Silo offers passive yield to the owners of Bean and other whitelisted assets. The Field offers yield opportunities to creditors known as Bean farmers for their work in maintaining the peg.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

2 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

4 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

5 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

8 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

11 hours ago

This website uses cookies.