Cryptocurrency News

Beanstalk Farms loses $182M in DeFi governance exploit

Credit-based stablecoin protocol Beanstalk Farms lost all of its $182 million collateral from a security breach caused by two sinister governance proposals and a flash loan attack.

The problem for the protocol was seeded by suspicious governance proposals BIP-18 and BIP-19 issued on April 16 by the exploiter that asked for the protocol to donate funds to Ukraine. However, those proposals had a malicious rider attached to them which ultimately created the sinkhole of funds from the protocol according to smart contract auditor BlockSec.

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Source: CoinTelegraph

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