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HomeDigit NewsHackers Stole $182 Million From Beanstalk Stablecoin Protocol

Hackers Stole $182 Million From Beanstalk Stablecoin Protocol

Cases of hacking and scams related to the crypto segment are on the rise. Hackers stole $182 million from Ethereum-based stablecoin protocol Beanstalk Farms. It issues the stablecoin protocol Bean ERC-20 token and its creators say that there is a profit making opportunity for its holders. Hackers breached the network through a flaw in the codebase of this stablecoin protocol in a recent upgrade.

Security research firm PeakShield alerted the BeanStalk community about the hack on Twitter late last week. Along with this, the firm said that it appears that the hacker donated about $250,000 of the stolen money to a wallet in war-torn Ukraine. Beanstalk Farms reported on Twitter that it is seeking help from experts in Decentralized Finance (DeFi) and the Ethereum blockchain to reduce the hacker’s ability to withdraw funds through centralized exchanges. Lossless, a crypto hack mitigation tool, has offered to help Beanstalk Farms investigate. The market value of BEAN Stablecoin has decreased by more than 80 percent following this hack.

Omniscia, the security firm that audited BeanStalk’s smart contracts, has Told That the hacked code was upgraded after completing its audit process. Last year, hackers stole more than $600 million in cryptocurrencies by breaking into the blockchain-based platform Poly Network. This was the biggest hack of Decentralized Finance (DeFi).

Cybercriminals entered the blockchain segment last year hacking About $1.3 billion was stolen from With the rise in popularity of digital assets, hacking cases are also on the rise. Recently, the crypto platform Wormhole Portal suffered a loss of $ 322 million in one such hack attack. With the increasing number of scams and hacking cases involving the crypto segment, the regulators have called for increased scrutiny of this segment. In cases of such scams, it often becomes difficult to recover the stolen money.

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