Beanstalk Farms

Hacked

Stablecoin · $BEAN · born 2021 · ✝ 2022

A governance flash-loan attack stole ~$182M in seconds.

Beanstalk was a decentralized credit-based stablecoin protocol. An attacker used a flash loan to acquire majority governance and pass a malicious proposal draining roughly $182M from its reserves.

Peak: ~$182M stolen
Cause: Hacked
Year of death: 2022

☠️ Cause of death

Governance had no timelock, so a flash loan bought enough voting power in one transaction to instantly approve and execute a fund-draining proposal.

📓 Lessons left behind

—Governance without timelocks can be hijacked instantly.
—Flash loans can buy temporary voting majorities.
—Algorithmic stablecoins add fragility on top of governance risk.

🌱 The idea that survived

Governance timelocks

Reinforced the need for execution delays so flash-loan voting attacks cannot pass instantly.

#governance#flash-loan#stablecoin