$80 million in crypto stolen in 13 seconds

 Beanstalk Farms, a DeFi decentralized project, was exploited by hackers through a quick loan 

Beanstalk is described as a "decentralized credit-based stablecoin protocol" that operates a system where participants can earn bonuses by contributing to a main pool called "Silo" through the Bean token. (price 1.02 USD per coin). The more people contribute, the greater the power to vote or make changes to the token's policy, but this is also a vulnerability exploited by hackers.

PeckShield experts said that hackers targeted Beanstalk's "fast loan" feature, which allows players to borrow large amounts of cryptocurrency in a very short time, even a few seconds. This is intended to increase the liquidity of the token or create a short-term arbitrage.

According to an analysis by blockchain security firm CertiK, the crooks enabled a quick loan via the Aave decentralized protocol to borrow nearly a billion dollars in crypto – enough money to gain 67% of the voting shares in the cryptocurrency. Beanstalk project. With this super large stake, the hacker personally approves the execution of the code that transfers the assets to their own e-wallet.

The attacker then immediately repays the flash loan and collects $80 million. According to Aave's blockchain metrics, the entire process takes place in less than 13 seconds.

On Twitter, the team behind the Beanstalk project acknowledged the problem and said it was investigating the issue.

"We noticed an increasing trend in this year's flash loan attacks," said Ronghui Gu, CEO of CertiK.
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