According to security firm PeckShield, a credit-focused, Ethereum-based stablecoin protocol known as Beanstalk is the latest target of cyber criminals. The DeFi protocol was exploited on 17 April in a flash-loan attack[1] due to which Beanstalk lost around $182 million in crypto assets. As a result, the market for Beanstalk’s stablecoin, BEAN, collapsed. As per CoinGecko, the token’s market went down by 86% from its $1 peg.[2]
Of interest is that the incident is the second massive nine-figure
