{"id":736,"date":"2022-04-18T22:16:51","date_gmt":"2022-04-18T22:16:51","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=736"},"modified":"2022-04-18T22:16:53","modified_gmt":"2022-04-18T22:16:53","slug":"beanstalk-lose-182-million-as-yet-another-exploit-hits-defi-in-2022","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/beanstalk-lose-182-million-as-yet-another-exploit-hits-defi-in-2022\/","title":{"rendered":"Beanstalk lose $182 million as yet another exploit hits DeFi in 2022"},"content":{"rendered":"\n
tl;dr Summary: <\/em><\/strong>Algorithmic stablecoin protocol Beanstalk was exploited for over $182 million on Sunday in a flash loan attack, collapsing the price of its native stablecoin, $BEAN. The hacker disguised the malicious code as a benevolent development proposal to raise funds for Ukraine, and went on to donate $250,000 USDC to Ukraine immediately after the exploit.<\/em><\/p>\n\n\n\n Beanstalk<\/a> is a DeFi protocol that describes itself as \u2018a decentralised algorithmic stablecoin protocol.\u2019 The project was launched in September 2021, and had been growing in popularity since, amassing over $150 million in Total Value Locked (TVL)<\/a> according to an official tweet just prior to Sunday\u2019s exploit. The native stablecoin, $BEAN, was designed to be pegged to one dollar by a novel credit-based mechanism<\/a>. After the hack, $BEAN fell dramatically from the one-dollar peg to a low of around six cents.<\/p>\n\n\n\n