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Beanstalk Farms Offered A Plea To Hackers Of $76M Exploit

Stefan by Stefan
20/04/2022
in Altcoin News
Reading Time: 2 mins read
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Beanstalk Farms Offered
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Beanstalk Farms offered a plea deal to the hackers that attacked the company out of $76 million as we reported recently in our crypto news.

Beanstalk Farms offered a plea deal to the attackers and noted their plans for the future if the plea is unsuccessful. The company is a credit-based stabelcoin protocol that recently got exploited for $76 million in crypto and offered a bounty of 10% if the attackers return the funds. The offer was posted on the company’s Twitter profile and sent to the attackers via an on-chain message the next day. It proposed that the exploiters return 90% of the stolen funds to the multi-sig wallet of the platform.

In the wake of yesterday's attack, Beanstalk Farms makes the following offer to the Exploiter:

— Beanstalk Farms (@BeanstalkFarms) April 18, 2022

In return, the exploiters will be allowed to keep a 10% cut which is a deal offered by the platform, or reward the individuals for reporting security exploits and vulnerabilities. The $76 million exploits were thought to be around $182 million but were not considered to be a hack as the smart contracts and governance procedures used to carry out the transfer. During a recent podcast, Beanstalk founders Benjamin Weintraub, Michael Montoya, and Brendan Sanderson admitted that the flaws in the design will lead to its undoing and a statement affirming that a preivous issue with the Beanstalk governance process was the mechanism used for the exploit.

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The statement added that it shut off the protocol governance and paused the platform while preparing a strategy to launch a new plan forward. Spokesperson Weintraub returned to the podcast to discuss a new path forward for the company that includes some sort of fundraising:

“Let’s start with what’s the problem. Beanstalk had something like $76 million stolen from it yesterday. Now, it needs to recoup as much of that money as possible. It doesn’t need to recoup all of that money.”

Two DeFi Protocols, agave, hundred, fork, network

He also noted a few possibilities to raise the required funds if the exploiter fails to return the funds like offering a new token or slashing the users’ token holdings. Weintraub admitted that the specific structure to raise capital is much in the air but remained optimistic about the protocol’s survival rate:

“From our perspective, Beanstalk isn’t going anywhere. Beanstalk Farms isn’t going anywhere. The real question is how much of the $76 million Beanstalk is able to crowdsource. This isn’t the worst place to be in, guys.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: beanstalk farmsbeanstalk farms hackexploithack attackplea to hackers
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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