Decentralised credit-based stablecoin business Beanstalk was hacked over the weekend – resulting in $182 million being drained from the its reserves.
The hacker used a flash loan to exploit the platform’s governance mechanism to send the funds to a wallet they controlled.
However, it’s been reported that the attacker only managed to cash out $80 million in total.
Blockchain security company PeckShield told cryptonews.com that the hacker walked away with around ETH 25,000 and 36 million worth of Bean – the company’s stablecoin.
It said that after swapping, the stablecoin lost its dollar peg, which could be the reason the hacker walked away with less crypto.
Beanstalk Farms, the decentralized development team working on Beanstalk, said it is preparing a strategy to “safely re-launch a more secure Beanstalk with a path forward”.
The business said that the Beanstalk contract on the Ethereum mainnet was exploited via a previously-unknown issue with Beanstalk’s governance process.
The team was immediately alerted and took action to temporarily shut off protocol governance and pause Beanstalk.
The team has since burned the remaining Beans in the hacker contract.
Latest News
-
UBS appoints chief AI officer to boost AI strategy
-
HSBC rolls out acquiring platform
-
Frasers Group uses ACP to complete direct purchases within genAI chatbots
-
BBVA’s bid for Sabadell collapses as chairman Carlos Torres vows to stay
-
Deutsche Bank, ING and Santander join Mastercard cyber defence exercise
-
Santander to merge Openbank and Santander Consumer Finance
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories