Beanstalk Farms
Once-hacked for $77M, Beanstalk’s algo stablecoin protocol relaunches
Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol just under four months after going offline after suffering a devastating $77 million governance exploit. The protocol and its governance have been paused since April following the governance exploit and flash loan attack, but were relaunched as of Aug. 6 in an event called the “Replant.” In an announcement shared with Cointelegraph, Beanstalk said it has come out of the ordeal stronger than ever, likely in reference to protocol’s governance and security. “Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,” said Publius, the developer group behind the BEAN s...
Beanstalk Farms loses $182M in DeFi governance exploit
Credit-based stablecoin protocol Beanstalk Farms lost all of its $182 million collateral from a security breach caused by two sinister governance proposals and a flash loan attack. The problem for the protocol was seeded by suspicious governance proposals BIP-18 and BIP-19 issued on April 16 by the exploiter that asked for the protocol to donate funds to Ukraine. However, those proposals had a malicious rider attached to them which ultimately created the sinkhole of funds from the protocol according to smart contract auditor BlockSec. This latest security breach of a decentralized finance (DeFi) protocol took place at 12:24 pm UTC. At that time, the exploiter took out $1 billion in flash loans from the AAVE (AAVE) protocol denominated in DAI (DAI), USD Coin (USDC), and Tether (USDT) stable...
