Although blockchain technology is highly reliable, it is not completely protected from hacker attacks that cause astronomical losses the exchanges and companies that suffer them. Recently, Bearnstalk Farms has borne the brunt of this. Explanations.
Bearnstalk Farms Hack
The Bearnstalk Farms protocol announced that it had recently collected more than 150 million in TVL. This announcement earned him a flash loan attack. According to PeckShield, the company specializing in blockchain security and who noticed the attack first, the hacker managed to get away with at least $80 million.
In the hours that followed, the losses were estimated at more than $180 million. As a result, we have witnessed a drop in value, of more than 80% of the BEAN cryptocurrency attached to Beanstalk Farms. It plunged from $1 to less than $0.1 in the moments after the attack before currently settling at $0.2.
In addition, the company explained that the attack was made possible by a ” immediate passage of BIP18, assisted by a flash loan, which was submitted a day ago. ”Also according to PeckShield, the hacker deposited a large part of the stolen assets on the TornadoCash protocol and allowed himself to offer 250,000 USDC to Ukraine through the Ukraine Crypto Donation platform.
Frequent hacks
The Beanstalk Farms attack is far from an isolated case. The DeFi is up against all kinds of attacks, some as twisted and sophisticated as the others. Recently, the CoinMarketCap platform was also attacked. The hackers had set themselves the goal of installing a fake corner on the site to give users the change and plunder them.
To do this, the hackers created an account on the site and named it CoinMarketCap like the original site. They later inserted a link that redirects to another site that strongly resembled the real CoinMarketCap and on which different tokens were offered. In addition, they managed to penetrate the CoinMarketCap Crypton network to create fake seller profiles there. Unfortunately, some users believed it and made it my expense.
This attack was carried out overnight to prevent the CoinMarketCap teams from spotting it and not easily countering it. Likewise, the hackers have carried out a large advertising campaign in order to encourage many people to take an interest in their fraudulent offers. In the long run, they finally got away with almost 12 ETH and 192 BNB.
In the first quarter of this year alone, 77 cases of hacking were reported and more than $700 million in assets were stolen. This means that the losses are considerable!
Decentralized finance networks are often victims of attacks that aim to further discredit the sector. The attack that the Beanstalk Farm protocol has been the victim of will paralyze the network for a good while.
Source : CryptoPotato
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