Beanstalk Farms Suffers $76M Exploit via Flash Loan Attack
- DeFi
- DeFi Protocol
- Security
On April 18, 2022, Beanstalk Farms, a stablecoin protocol, was hit with a devastating $76 million exploit. An attacker used a flash loan to acquire enough governance tokens to pass malicious proposals, inserting smart contracts that drained the protocol's funds. This incident shook DeFi trust, as it highlighted vulnerabilities in governance mechanisms. CT went wild over the audacity of the attack, with many calling for better security audits.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $76M
- Status
- Total loss
The exploit led to significant loss of trust in Beanstalk Farms, with the protocol struggling to recover user confidence.