Beanstalk operates a system where participants earn rewards by contributing funds to a central funding pool that is used to balance the value of one token at close to $1, reports The Verge.
“Beanstalk suffered an exploit. The
The hackers exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.
The attack was first spotted by blockchain analytics company PeckShield.
The Beanstalk attacker “used a flash loan obtained through the decentralised protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 per cent voting stake in the project”.
The attacker then instantly repaid the flash loan, netting an $80 million profit, the report said.
In January this year, hackers stole
In December last year, cyber criminals stole cryptocurrency worth $80 million from
The US this week blamed North Korean hacker group Lazarus for stealing $625 million in cryptocurrency from the Ronin Network, owned by developer group Sky Mavis.
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