Author: Corin Faife
Illustration by Alex Castro / The Verge
On Sunday, an attacker managed to drain around $182 million of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing the supply and demand of different cryptocurrency assets. Notably, the attack exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.
The attack was spotted on Sunday morning by blockchain analytics company PeckShield, which estimated the net profit for the hacker was around $80 million of the total funds stolen, minus some of the borrowed funds that were required to perform the attack.
Beanstalk admitted to the attack in a tweet shortly afterward, saying they were “investigating the attack and will make an announcement to the community as soon...
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Illustration by Alex Castro / The Verge
On Sunday, an attacker managed to drain around $182 million of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing the supply and demand of different cryptocurrency assets. Notably, the attack exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.
The attack was spotted on Sunday morning by blockchain analytics company PeckShield, which estimated the net profit for the hacker was around $80 million of the total funds stolen, minus some of the borrowed funds that were required to perform the attack.
Beanstalk admitted to the attack in a tweet shortly afterward, saying they were “investigating the attack and will make an announcement to the community as soon...
Continue reading…
Continue reading...