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Hackers target Beanstalk crypto, stealing hundreds of millions

Published

4 years ago

April 19, 2022

The Beanstalk cryptocurrency has been stripped of more than $180 million USD in reserves

The loss reportedly took place in a matter of seconds, after attackers used borrowed funds to snap up enough voting rights to transfer the money.

It’s raised fresh concerns with authorities who are cracking down on the regulation side of digital currencies.

Beanstalk offers its crypto in the form of “beans’s” – which are intended to have a value of 1 dollar per coin.

It lets savers make deposits and use their savings to guarantee that the value of a single bean stays near $1. However the Stablecoin’s value was hovering around 12 cents following the attack.

The project’s co-founders say the project has not had any venture backing, so it is highly unlikely there is any sort of bailout coming for users.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.