Beanstalk Farms
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 55. Problems weighed by who is responsible: concerns that are not fraud −9.6, incidents the subject suffered −3.2, problems around the subject, caused by others −1.6; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -1.6 |
| Long-running | +4 |
| Sum | 55 |
Score: 55/100 (kept between 0 and 100)
How scoring works →Summary
Beanstalk Farms is an Ethereum-based algorithmic stablecoin protocol that issues the BEAN token using a credit-based, uncollateralized peg mechanism. On April 17, 2022, the protocol suffered one of the largest governance exploits in DeFi history when an attacker used a flash loan to seize supermajority voting power and drain approximately $182 million from the protocol's liquidity pools. The protocol relaunched in August 2022 following a community fundraise, subsequent security audits, and governance restructuring, and later migrated to Arbitrum via BIP-50.
Connected Entities
4 entities · 60 linked investigations- Beanstalk→mentioned with→Ethereum(80%)
- Beanstalk→mentioned with→Beanstalk Farms(80%)
- Arbitrum→mentioned with→Ethereum(80%)
- Beanstalk Farms→mentioned with→Ethereum(80%)
- Beanstalk Farms→mentioned with→Beanstalk(80%)
- Beanstalk Farms→mentioned with→Arbitrum(70%)
Timeline(13 events)
6 August 2021
Beanstalk protocol launched on Ethereum mainnet, issuing the BEAN algorithmic stablecoin.
3 December 2021
Beanstalk DAO approves BIP-5, committing to hire Omniscia for a formal smart contract audit.
2 April 2022
Omniscia completes its audit of Beanstalk's core smart contracts, finding no outstanding issues. The governance code later exploited was outside the audit scope.
17 April 2022
Beanstalk suffers a governance flash loan attack. The attacker flashloans over $1 billion from Aave and other sources, acquires supermajority Stalk governance power, passes a malicious proposal, and drains approximately $182 million from the protocol. Net attacker profit is approximately $76-80 million. BEAN collapses ~86% from peg. Stolen funds laundered through Tornado Cash.
17 April 2022
Beanstalk Farms founders (operating as 'Publius') reveal their identities as Benjamin Weintraub, Brendan Sanderson, and Michael Montoya at an emergency Discord town hall to demonstrate non-involvement.
23 April 2022
Beanstalk DAO approves hiring Halborn for a post-exploit security audit.
6 June 2022
The Barn Raise recapitalization fundraiser launches. Over $5.5 million in Fertilizer tokens sold in the first hour.
13 July 2022
Halborn completes its audit of Beanstalk, identifying 17 findings all resolved or acknowledged.
22 July 2022
Trail of Bits completes its audit of Beanstalk, identifying 13 findings all resolved or acknowledged.
4 August 2022
BIP-21 (Replant proposal) achieves supermajority approval. Barn Raise has attracted over $17 million USDC in credit commitments.
6 August 2022
Beanstalk relaunches via the Replant event on the protocol's one-year anniversary. On-chain governance is replaced with a community multi-sig wallet. Over 99% of Stalk holders backed the relaunch.
May 2023
BEAN stablecoin reported trading at approximately $0.91, exhibiting a persistent depeg despite algorithmic incentives designed to restore the peg.
2024
Beanstalk implements BIP-50, migrating the protocol from Ethereum mainnet to Arbitrum One to reduce transaction costs and improve throughput.
Decision Log
- slot 455364639 · hash 5p5vc2SkKbgWDgmNCbvGMTmvjzUJ2kEoZTcUADJSfdEE
- slot 423210359 · hash HD6Riqms9igSi69kiYiupaV6SFVVrfocQyWgLS2y1m1G
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 23 of 27 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/30/2026, 6:24:39 PM
last updated: 10/10/2026, 6:44:52 PM
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