Technology

Ethereum-based stablecoin protocol Beanstalk loses about $182 million to exploit

Beanstalk, a credit-based stablecoin protocol built on Ethereum, is the latest DeFi project to suffer a major exploit. An attacker used a flash loan exploit to drain the protocol’s funds early Sunday. Etherscan data shows that they leveraged Aave’s flash loan feature to withdraw liquidity from the protocol and then used Uniswap to trade DAI, USDC, and USDT for Ethereum. They got away with 24,830 Ethereum worth around $76 million at current prices, but the protocol’s losses are estimated to be much higher. They’ve already started siphoning the funds through the Ethereum mixer Tornado Cash to obfuscate their transaction history.

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