The exploiter asked for the protocol to send funds to Ukraine as a donation, but the proposal had a malicious rider attached to it, leading to the fund drain.
Cyber-attackers stole $80 million from stablecoin protocol Beanstalk in a massive flash-loan swindle Sunday.
As a result, the credit-focused decentralised finance protocol lost its $182 million in total value locked, meaning the overall value of crypto assets deposited. Its native token, BEAN, which is meant to be pegged to the dollar, fell more than 75% over the last day. Meanwhile, the attackers have already moved the entire $80 million in tokens they swiped into Tornado Cash to hide the funds, according to blockchain research firm PeckShield and Bloomberg.
This case was not a technical hack, per se, but an exploitation of a design flaw in the governance procedure, which a project spokesperson addressed on Monday,"It's unfortunate that the same governance procedure that put beanstalk in a position to succeed was ultimately its undoing," the spokesperson said.
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