Beanstalk Has Been Hacked

The stable cryptocurrency ecosystem called Beanstalk operating on the Ethereum blockchain has been hacked.

While the heat of the hack on the Axie Infinity network continued, this time there was a hack on the Ethereum side. The platform called Beanstalk is an Ethereum-based stable cryptocurrency project. There is a cryptocurrency called BEAN that is traded for $1. BEAN coin maintains its value based on community lending. The hackers bought a certain amount of BEAN coins by pretending to lend them money. They then started mining unlimited coins by creating a fake BIP-18 protocol. In total, 180 million dollars of ETH and BEAN coins were removed from the platform. It is stated that the hackers laundered $ 30 million in assets on the Tornado Cash network. BEAN coin, on the other hand, has dropped to zero after the hack. It remains to be seen how the developers will compensate for the damage.