A HACKER has stolen funds worth
Beanstalk – a decentralised creditbased stablecoin protocol – lets users earn rewards by depositing capital in a central pool that is used to balance the value of the project’s Bean token at close to
The attacker used borrowed money to deposit funds into the protocol which gained them enough governance rights to pass a proposal draining the Beanstalk of funds.
In an official statement the company thanked the project’s community which has “demonstrated incredible support for the project and provided numerous thoughtful ideas for a suitable path forward”.
However, developers struck a different tone on the protocol’s official discord server.
“Honestly not sure what to type. We are f***ed,” wrote a developer under the handle Publius.
(c) 2022 City A.M., source