R1.3 billion swiped by attackers from Beanstalk
Cyber-attackers have very recently stolen USD80 million (about R1.3 billion) from Beanstalk’s stablecoin tokens in one of the largest flash-loan exploits ever. Beanstalk is an algorithmic stablecoin protocol which uses a decentralised credit system instead of collateral to issue stablecoins. One beanstalk stablecoin is pegged to one US dollar to prevent it varying in value. Blockchains are home to popular crypto assets like Bitcoin and Etherium that are bought and sold in the crypto economy but are quite variable in their value. This is the reason why Stablecoin is pegged to the US Dollar.
In a recent article published by Business Insider it was mentioned that the attackers have already moved the total $80 million in tokens that they stole into Tornado Cash to hide the funds, according to blockchain research firm PeckShield and Bloomberg. It was also recorded that “the security breach stemmed from an infiltration of the governance proposal system of the protocol, which opened the door to the attack. The exploiter asked for the protocol to send funds to Ukraine as a donation, but the proposal had a malicious rider attached to it, leading to the fund drain.” Also that “this case was not a technical hack, per se, but an exploitation of a design flaw in the governance procedure, which a project spokesperson addressed on Monday, CoinTelegraph reported.”
SA the 3rd highest cybercrime victims at R2.2billion annually
According to a recent article published in the Daily Maverick, it was reported that online crooks are increasingly targeting South Africa and our country now has the third-highest number of cybercrime victims worldwide. Also that these crimes are costing victims about R2.2-billion annually. Read more …