Beanstalk Farms is the latest DeFi protocol to be hit by a major exploit. In this case, the governance procedures were exploited through a flash loan attack to approve a proposal that saw all of its value drained.
The exploiter swapped BEAN for ETH and then sent the coins to Tornado Cash to cover their digital tracks. However, they also sent 250,000 USDC to the Ukraine Crypto Donation wallet.
In a team and community meeting on the Beanstalk Discord channel on April 18, Publius doxxed the three individuals who developed the project. They are Benjamin Weintraub, Brendan Sanderson, and Michael Montoya, all of whom attended the University of Chicago together and conceived Beanstalk Farms. The protocol’s smart contracts have been paused and all governance privileges have been revoked by the team.The team did not respond when Cointelegraph asked if they believe the FBI has any legal recourse to help them, but Publius believes this is definitely a theft that should be investigated.