Hackers stole about $180 million in the crypto currency. It was stolen from the Beanstalk Farms which is the De-Fi project or decentralised finance. The Beanstalk operates the system where the participants earn the rewards through contributing funds to the central funding pool. It is use for balancing the value of single token near to $1.
Beanstalk Farms and the attack of Crypto
Beanstalk has suffered an exploit related to crypto. Here, team of Beanstalk Farms investigate the attack and also will make the announcement to community quickly. Moreover, the hackers have also exploited majority vote of Beanstalk governance system. It is the core feature of various DeFi protocols.
As per the last article, Such attack of crypto was initially spot by PeckShield, the blockchain analytics company. However, Beanstalk attacker that used a flash loan procured through decentralised protocol and borrow almost to $1 billion in the assets of crypto currency. It also exchanged them for adequate beans to attain 67 per cent of the voting stake in project.
After this the attacker instantly repaid entire of the flash loan. It leads to the netting of $80 million profit, as per the report. During this year in January, hackers have simply stolen crypto tokens. These are simply worth $120 million from the Blockchain based on the decentralized finance (DeFi) platform known as BadgerDAO. There are various crypto wallets that have also drained prior to when the platform stop such kind of crypto attack.
During last year, in the month of December, cyber criminals have also stolen the crypto currency which is worth $80 million from the Qubit Finance. It is also the renowned decentralised finance or DeFi platform.
During this week, the US has blamed the hacker group of North Korea, Lazarus. This group steal $625 million in the crypto currency from Ronin Network. This network is owned by Sky Mavis, a renowned developer group.
