5 biggest crypto hacks of 2022
Beanstalk Farms — $182 million
Beanstalk Farms is a stablecoin — crypto-speak for tokens designed to remain at a stable value rather than fluctuate up and down — based on Ethereum, and it offered a native token called STALK. If anyone wanted to transfer assets out of Beanstalk Farms, it would require approval from the majority of STALK holders.
But in April, a hacker used a short-term crypto loan to buy a majority position in STALK before proposing a massive transfer of funds. Using their recently acquired STALK tokens to approve the proposal, the person made off with roughly $80 million. The sudden withdrawal caused the stablecoin to crash, resulting in a loss of $182 million