to borrow nearly $1 billion worth of crypto and exchanged that to gain a 67% voting stake in Beanstalk. With a supermajority, the hacker was able to have the Beanstalk tokens transferred to their own crypto wallet. Based on the duration of an Aave flash loan, the entire process took place in less than 13 seconds.The London-based crypto market maker lost $160 million in a September 20 hack.
The heist involved Eisenberg’s two accounts on the platform with the dollar-pegged USD coin,, which took large positions in perpetual futures on the coin selling from one account and buying in another at an above-market price. As the token’s price spiked tenfold in other decentralized exchanges, he used the unrealized profit to borrow and withdraw a number of tokens from Mango itself.