Crypto Thieves Get Bolder by the Heist, Stealing Record Amounts - WSJ

The Beanstalk protocol used what’s called a DAO, or decentralized autonomous organization. Users can dedicate, or “stake,” funds to the project, which gives them a vote in governance and changes to the protocol. According to blockchain-analytics firm Elliptic, the hacker borrowed about $1 billion worth of different stablecoins, using an ultra-short-term kind of loan called a flashloan, and then added that to Beanstalk’s funds. That was enough to give them an overwhelming percentage of voting power. The hacker proposed donating money to Ukraine, and voted to approve the idea. The proposal, however, included code that instead sent all the funds locked up in the Beanstalk protocol to a wallet controlled by the hacker, according to Elliptic.

Kind of genius.