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anchored·8oDp3S…y9NuSummary
Beanstalk is an Ethereum-based algorithmic stablecoin protocol that on April 17, 2022 suffered one of DeFi's largest governance exploits, losing approximately $182 million after an attacker used flash loans to acquire a supermajority vote and pass a malicious proposal draining the protocol's treasury. The protocol relaunched in August 2022 following a community fundraiser called the Barn Raise, but its BEAN stablecoin has never recovered its peg and total value locked remains a fraction of pre-exploit levels.
Connected Entities
5 entities · 60 linked investigations- SushiSwap→mentioned with→Ethereum(60%)
- SushiSwap→mentioned with→Uniswap(70%)
- Uniswap→mentioned with→Ethereum(80%)
- Uniswap→mentioned with→SushiSwap(60%)
- Beanstalk→mentioned with→Ethereum(80%)
- Beanstalk→mentioned with→SushiSwap(65%)
- Beanstalk→mentioned with→Uniswap(65%)
- Beanstalk→mentioned with→Beanstalk Farms(80%)
- Beanstalk Farms→mentioned with→Ethereum(80%)
- Beanstalk Farms→mentioned with→Beanstalk(80%)
Timeline(11 events)
6 August 2021
Beanstalk protocol launched on Ethereum mainnet by pseudonymous founders 'Publius' (Benjamin Weintraub, Brendan Sanderson, Michael Montoya).
16 April 2022
Attacker submits malicious BIP-18 and BIP-19 governance proposals to Beanstalk, initiating the required 24-hour governance delay.
17 April 2022
At approximately 12:24 PM UTC, attacker executes flash loan attack using over $1 billion borrowed from Aave, acquires ~79% of governance votes, passes BIP-18 via emergencyCommit, and drains approximately $182 million from the protocol. Approximately 24,930 ETH ($76M net profit) is transferred to Tornado Cash in 270 transactions.
18 April 2022
Beanstalk Farms team pauses the protocol, disables on-chain governance, and transfers control to a community multisig. Founders reveal their identities on Discord to dispel complicity concerns.
18 April 2022
Beanstalk Farms sends on-chain message offering attacker a 10% whitehat bounty in exchange for returning 90% of funds. Attacker does not respond.
6 June 2022
Barn Raise fundraiser launches, targeting $77 million in recapitalization via Fertilizer token sales.
4 August 2022
BIP-21 (the Replant proposal) reaches supermajority. Barn Raise has attracted over $17 million USDC — approximately 22% of the target.
6 August 2022
Beanstalk protocol officially relaunches ('Replant') with governance under community multisig and restructured tokenomics.
April 2024
Cyfrin conducts security audit of Beanstalk 2 upgrade, including BEAN:wstETH liquidity whitelisting.
May 2024
Cyfrin conducts security audit of Beanstalk 3, which includes plans for Ethereum L2 migration.
May 2025
BEAN trades at approximately $0.23 (77% below peg). Protocol TVL approximately $9 million. Attacker identity remains unknown; stolen funds unrecovered.
Decision Log
- hash: 67VAbsxWX3fVrMu3VWJhZs47MNgtaDUeoVVzc2ZSDh8N
This investigation is cryptographically anchored to the Solana blockchain (1 event). 17 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:49 AM
last updated: 9/15/2026, 9:28:51 PM
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