Governance Comes at you Fast

Our brains may have finally recovered from researching liquidity pool formulae for the Cetus episodes, so let’s pop another defi hack off the stack and see what we got.In April of 2022 (ancient history I know), an algorithmically backed stablecoin protocol called Beanstalk was drained to the tune of 181 million dollars. But that's not even close to the biggest number you’ll hear in this episode.What was the vulnerability? I’ll bet there was a juicy one in that smart contact. Well... not really? You see, the attacker flashloaned themselves 1 billion (!!!) dollars, then staked that in the beanstalk contract and minted a supermajority of the governance token supply.With that control they could immediately force through emergency proposals, including two of which they had prepped a day earlier to drain the funds.Bueller? Bueller?? Maybe dont take that day off, cause governance comes at you fast.Notes:Windwaker Speed Run: youtube.com/watch?v=FTry_ZJnUIg