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Beanstalk

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[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·8oDp3S…y9Nu

Summary

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

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    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.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain15 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 15 of 18 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:49 AM

    last updated: 8/30/2026, 1:16:33 AM

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