Beanstalk “revived” after 4 months to fix the damage of the hack $ 182 million

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2022-08-07 01:49:41

The stablecoin project Beanstalk is officially back after nearly 4 months of a flash loan attack that caused $182 million in damage.

Beanstalk “revived” after 4 months to fix the damage of the hack of $ 182 million

Beanstalk, a decentralized stablecoin project, came to life on its one-year anniversary and nearly four months after the flash loan attack.

According to the announcement, the network will start operating from 00:00 AM on August 7 (Vietnam time). There were 99% of the votes in favor of revitalizing the project, according to the results from the page Snapshot.

Results of voting to revive the Beanstalk project on Snapshot

The project is confident that:

“By removing collateral requirements, Beanstalk will be the catalyst for a trustless fund and unlock the potential for decentralized finance to be accessible to everyone.”

Users can now follow BEAN under “Stablecoins” on Defi LIama.

BEAN is a decentralized stablecoin that uses credit instead of collateral, pegged to the USD. The project was initially deployed on the Ethereum mainnet on August 6, 2021. After 8 months of operation, Beanstalk has attracted $ 100 million in market capitalization and $ 144 million in incentive liquidity until “that painful day”.

On the evening of April 17, hackers “visited” and stole the entire $182 million fund from Beanstalk. According to Etherscan, the hacker took advantage of the flash loan method to crash the platform, which is a “hot loan” feature on DeFi protocols to get an abundant amount of liquidity with the condition that the loan must be repaid in the same time. transaction block. On the other hand, it opens an opportunity for bad guys to profit from extracting money from projects with smart contract vulnerabilities.

The BEAN price then collapsed to near zero. Since May, Beanstalk Farms and Bean Sprout have been working with their communities to plan for the safest return. They launched a proposal to raise $77 million in a loan from private investors. The fundraising coincided with the collapse of the Terra ecosystem, destroying over $40 billion in market value. But the $182 million loss remains a painful memory and one of the biggest security incidents of all time.

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