“F***ed”: Hack hits stablecoin firm Beanstalk in latest DeFi controversy

A HACKER has stolen funds worth $182m (£139m) from stablecoin issuer Beanstalk in the latest exploit to affect the world of DeFi.

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 $1.

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 Newspaper