The “Beanstalk” crypto project was hacked and its cryptocurrency BEAN collapsed
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Answer The “Beanstalk” crypto project was hacked and its cryptocurrency BEAN collapsed
Project Beanstalk, an Ethereum-based stable protocol, has been targeted and more than $80 million in various cryptocurrencies have been stolen from it, according to security firm PeckShield.
1 / Tweet embed exploited in a wave of txs ( And the https://t.co/wyHe3ARZgU),
This resulted in a gain of 80+M for the hacker (protocol loss could be greater), including 24,830 ETH and 36M BEAN.
– PeckShield Inc. (pickshield) April 17 2022
In a series of tweets, PeckShield explained that the hacker used a quick loan attack to buy a lot of BEAN coins.
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He then created a fictitious BIP-18 to mint an unlimited number of digital tokens.
The Beanstalk (BEAN) stablecoin lost its peg, and collapsed to almost zero after the attack, according to CoinGecko data.
BEAN is a stablecoin that is free of collateral and relies on a decentralized community of lenders in order to keep its rates stable.
At press time, the hacker has managed to transfer nearly $30 million to Tornano Cash, a coin-mixing tool that runs on the Ethereum blockchain.
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