Hackers Drain $182M From Ethereum-Based Crypto Project In Flash Loan Exploit

Beanstalk Farms, an Ethereum ETH/USD based DeFi protocol, suffered an exploit on Sunday.

What Happened: According to an update from blockchain security firm Peck Shield, hackers drained $182 million from the protocol through a flash loan exploit.

All stolen $80M funds from @BeanstalkFarms (w/ the protocol loss of alarming $182M) have been laundered via @TornadoCash https://t.co/ZqKsqQRVga pic.twitter.com/3nO4qX8rRE

— PeckShieldAlert (@PeckShieldAlert) April 17, 2022

The attackers were personally able to gain $80 million worth of cryptocurrency, which they laundered through the coin mixing tool Tornado Cash TORN/USD, according to Peck Shield.

We’re engaging all efforts to try to move forward. As a decentralized project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter's ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well. https://t.co/fwceVz6hbi

— Beanstalk Farms (@BeanstalkFarms) April 17, 2022

Peck Shield also observed that the hackers sent $250,000 worth of USD Coin USDC/USD to the Ukraine Crypto Donation's address.

At the time of writing, Peck Shield found that 15,154 ETH remained in the hackers' account.

Beanstalk’s U.S dollar-pegged stablecoin dropped 94% below its peg to a low of $0.06 following the news.

Price Action: According to data from Benzinga Pro, ETH was trading at $2,990, down 2.27% in the last 24 hours.