The hacker already laundered most of it through Tornado Cash. Although USD $250,000 of the stolen funds were sent to an aid address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. in Ukraine.
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Beanstalk a stable currency currency is a medium of exchange that defines value. protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. based on Ethereum a decentralized open-source blockchain with smart contracts functionality. suffered a hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. attack on Sunday that siphoned off more than $180 million in various cryptocurrencies.
The security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. firm Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. , PeckShield first reported the hacking through his account an account is essentially a whose purpose is to track the financial activities of a specific asset/ on Twitter on Sunday. Initially it was estimated that the attack had drained about USD 80 million to the protocol. However, a subsequent report from the firm revealed that the total losses were USD $182 million.
1/ The @BeanstalkFarms was exploited in a flurry of txs ( https://t.co/PMsdP5dnJG and https://t.co/wyHe3ARZgU),
leading to the gain of $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.— PeckShield Inc. (@peckshield) April 17, 2022
Reports suggest that the attack was carried out by means of a quick loan, or flash loan and an ill-intentioned governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. proposal.
What happened?
According to the Decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. Finance Auditors (DeFi), BlockSec On April 16, the malicious actor created two enhancement proposals for the protocol, specifically BIP-18 and BIP-19, with the purported goal of withdrawing some of the funds from the protocol. Beanstalk and donate them to the Ukrainian government.
The presentation of the proposals was followed by a quick loan attack that allowed the hacker to gain the majority of the votes in the government of Beanstalk to move the proposals forward.
As reported by Cointelegraph ,el hacker obtuvo USD$ 1 mil millones en préstamos rápidos del protocolo Aave denominated in DAI stablecoins , USDCoin ( USDC ) y Tether ( USDT ). It then used these funds to accumulate enough assets to take over 79% of the protocol’s governance and approve sus propias propuestas.
Cabe señalar que un flash loan is a type of unsecured loan popular with DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. that must be executed and repaid within a single block. While this tool has frequently been exploited by hackers to exploit security vulnerabilities in the protocols, everything seems to indicate that in the case of Beanstalk the smart contracts and the governance mechanism performed as designed.
In a publication in Discord discord is a web-based communication tool or application primarily built to enable communication between gamers. the team behind the protocol wrote about it:
Beanstalk did not use a quick loan resistant measure to determine the % of Stalk that voted in favor of the BIP. This was the flaw that allowed the hacker to exploit Beanstalk.
Hacker envió dinero a Ucrania
Según los informes, el truco permitió al pirata informático to raise close refers to the closing price; similar to the same term used in stock trading. to USD $80 million in ETH and BEAN, the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. native to the protocle. The rest of the lost funds were in the form of liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. connected to STALK, the protocol’s governance token.
The market an area or arena, online or offline, in which commercial dealings are conducted. for BEAN, the stable currency of Beanstalk which maintains parity with the U.S. dollar, collapsed shortly after the incident. According to data from CoinGecko The stablecoin has dropped nearly 90% since the attack, completely losing its parity with the dollar. As of press time, BEAN is trading at USD $0.14.
To the surprise of many, the attacker fulfilled part of his initial proposal, since he some $250,000 of the stolen funds were allegedly sent to a USDC aid address in Ukraine. as revealed by PeckShield. In the meantime, much of the stolen currency has already been laundered through Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. mixing protocol that allows private transactions.
The news comes just weeks after another multi-million dollar hacking attack. As reported by DiarioBitcoin in March, the sidechain Ronin Network a network refers to all nodes in the operation of a blockchain at any given moment in time. home of the famous gameAxie Infinitysuffered a hack of more than $600 million. Reports surrounding that case have also suggested that the attackers sent part of the funds to Tornado Cash . More recently, U.S. authorities identified the group of hackers norcoreanos Lazarus as those responsible of the attack.
The team of Beanstalk dijo en su cuenta de Twitter que ha acudido a las autoridades para solicitar apoyo. Según recogió Cointelegraph one of the founders indicated that the FBI had committed ” fully with them to trace the perpetrators and recover the funds. “. In the meantime, the protocol’s smart contracts have been paused and the team has revoked all governance privileges.
- Tornado Cash, cryptocurrency mixer, works to block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. sanctioned addresses
- Pro-Ukrainian leaked private information from the Conti hacker group, which operates out of Russia
- DeFi Voltage Finance Protocol was hacked and hackers stole USD $4 million in cryptocurrencies
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
