Dubai, United Arab Emirates–(Newsfile Corp. – April 20, 2022) – Beanstalk, a decentralized credit based stablecoin protocol, was attacked at roughly 12:24pm UTC on April 17, resulting in a theft of ~$76M in non-Beanstalk user assets. The perpetrator used a flash loan to exploit the protocol’s governance mechanism and send the funds to a wallet they controlled. Beanstalk Farms, the decentralized development team working on Beanstalk, is preparing a strategy to safely re-launch a more secure Beanstalk with a path forward.

Photo Description: Binary Code Beanstalk Logo

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Yesterday morning, the Beanstalk contract on the Ethereum mainnet was exploited via a previously-unknown issue with Beanstalk’s governance process. The Beanstalk Farms team was immediately alerted and took action to temporarily shut off protocol governance and pause Beanstalk. Approximately $76M was stolen from the protocol’s liquidity pools. The team has since burned the remaining Beans in the exploiter contract.

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Since the attack, the Beanstalk community has demonstrated incredible support for the project and provided numerous thoughtful ideas for a suitable path forward. The Beanstalk Farms team has taken these ideas into consideration and developed a proposal with four primary goals in mind: securing the enduring success of Beanstalk’s economic model; attracting sufficient capital to restart Beanstalk; preserving as much of each Farmers’ Stalk, Seed and Pod positions as possible, and; aligning new capital with previous Stalk and Pod holders.

About Beanstalk

Beanstalk is a decentralized protocol that allows anyone to realize the value of an open, credit based stablecoin. The Beanstalk community of lenders, borrowers and savers secures a protocol-native stablecoin, Bean, with the goal of creating the world’s most accessible digital money system. By eliminating collateral requirements, Beanstalk aims to be the catalyst for a trustless solution to unlock the universal potential of decentralized finance.

Media Contact Details

Project Name: Beanstalk
Website: https://bean.money/
Name: Alnura Belyalova, Luna PR
Email: [email protected]

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