Last week it was reported that stablecoin project Beanstalk had been the target of an attack where up to $181 million in value was stolen.
Beanstalk is a “decentralized credit-based stablecoin protocol that is built on Ethereum. ” The premise being that other stablecoins have a “problem” – centralization and collateral requirements.” Unfortunately, Beanstalk had a bigger problem of its own, an exploit described as a “flash loan attack” on the protocol’s governance mechanism.”
A pretty detailed explanation of the attack is available here.
Today, Beanstalk is asking for help from the wider community. In a series of Tweets, Beanstalk said that “Beanstalk Farms now offers bounty to any individual or group who is able to identify the attacker and help us recover the withdrawn funds, with 10% of [the] amount recovered as a result of their actions, shared equally among all eligible recipients, should there be more than one.”
Beanstalk said last week that the team is working on raising enough funds to make up for all the assets lost during the exploit.
Developing.
Beanstalk Farms has been hard at work developing and preparing its Path Forward to safely resume the protocol.
However, theft has no place in DeFi, and we call on the community to show that illegal actions have consequences. We make the following offer to anyone capable:
— Beanstalk Farms (@BeanstalkFarms) April 25, 2022
