Algo StableCoin protocol Beanstalk is restarted after an $ 180 million hack
Algo StableCoin protocol Beanstalk is restarted after an $ 180 million hack
- Beanstalk said that his protocol had reissued on the occasion of his one-year anniversary in Ethereum-Minnet
- It follows an $ 180 million governance exploit, in which a hacker succeeded in stealing 24,830 ether and 36 million bean tokens
The algorithmic stable coin protocol Beanstalk announced on Friday that it resumed its services almost four months after the hack for $ 180 million in Krypto.
Beanstalk Farms, the self-proclaimed "decentralized loan-based stable coin protocol," said that it had its services at the same time as the one-year anniversary of his debut in the Ethereum-Minnet on August 6, 2021.
The protocol developers hope that the revised start will help to solve problems in connection with his security and his trust after a big hack on April 17th.
"It is impossible to predict how it will develop, but the belief of Beanstalk Farms in the possibilities of a admission-free Fiat stable is unshakable," wrote the group in a blog post .
The big hack, which dealt with a governance Flash Loan Exploit, withdrawn an attacker 24,830 ether and 36 million Bean-token, which at that time had a value of around $ 180 million. According to the Industry Tracking website, the hack of the unchecked protocol is currently the sixth largest exploit of the industry Rekt-best list .
"Since then, Beanstalk Farms and Bean Sprout have worked with the Beanstalk Community to prepare the protocol for safe re-planting and interruption," says the article.
A spokesman for Beanstalk Farms still has to answer the request from block works for comment.
Beanstalk is a permissible Fiat stable protocol that was developed to use loans instead of collateral to issue its native stablecoin (bean) website .
The protocol claims that his main goal is to "stimulate independent market participants" to exceed the price of 1 Bean in a "sustainable manner" via its dollar bond. Algorithmic stable coins were questioned in May after the breakdown of Terra's ecosystem.
The team behind Beanstalk recently announced a fundraising campaign of $ 9 million for a new protocol called Root.
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The contribution Algo StableCoin Protocol Beanstalk restarts after a $ 180 million hack and is not a financial advice.