Beanstalk loses 23 billion yen due to frequent flash loan attacks on DeFi (decentralized finance) platform

Beanstalk , one of the decentralized finance (DeFi) platforms described as 'decentralized' because it doesn't have a central presence like a cryptocurrency exchange, was targeted by attackers for $ 182 million. It is reported that a considerable loss of about 23 billion yen was made in Japanese yen.

Beanstalk Governance Exploit | Beanstalk

DeFi Project Beanstalk Loses $ 182 Million in Flash Loan Attack --Bloomberg

Beanstalk cryptocurrency loses $ 182m of reserves in flash'attack' | Cryptocurrencies | The Guardian

Beanstalk cryptocurrency project robbed after hacker votes to send themself $ 182 million --The Verge

The attacker used one of the characteristic mechanisms of DeFi, a ' flash loan ' that allows you to borrow and repay a loan within one transaction without collateral and interest.

According to Beanstalk, the attacker used a flash loan to transfer about $ 76 million in user assets to the attacker's wallet at around 12:24 Coordinated Universal Time. He said he did.

PeckShield, which handles security and data analysis related to blockchain, estimates that the amount of money that the attacker got is over $ 80 million (about 10.3 billion yen), and the total damage will be even more. News sites such as Bloomberg, The Guardian, and The Verge report a total of $ 182 million.

There have already been multiple reports of attacks that abused the 'flash loan', and in August 2021, the DeFi platform Cream Finance lost 3 billion yen, and in the first half of 2021 alone, a total of 52 billion yen. There has been considerable damage.

A hacker steals 3 billion yen worth of virtual currency from the DeFi platform, the damage amount of the same case is over 52 billion yen --GIGAZINE

It is not clear if this attacker was involved in any of the past attacks. It has been confirmed that the attackers donated $ 50,000 worth of virtual currency (about 32 million yen) to Ukraine.

in Web Service,   Security, Posted by logc_nt