The “Beanstalk” crypto project was hacked and its cryptocurrency BEAN collapsed

Project Beanstalk, an Ethereum-based stable protocol, has been targeted and more than $80 million in various cryptocurrencies have been stolen from it, according to security firm PeckShield.

In a series of tweets, PeckShield explained that the hacker used a quick loan attack to buy a lot of BEAN coins.

He then created a fictitious BIP-18 to mint an unlimited number of digital tokens.

The stablecoin Beanstalk (BEAN) lost its peg, and collapsed to almost zero after the attack, according to CoinGecko data.

BEAN is a stablecoin that is free of collateral and relies on a decentralized community of lenders in order to keep its rates stable.

At the time of publication, the hacker has managed to transfer nearly $30 million to Tornano Cash, a coin-mixing tool that runs on the Ethereum blockchain.

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