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Beanstalk Restarted After 4 Months Hacked $182 Million

August 7, 2022 - Around 2 mins mins to read

The team behind stablecoin Beanstalk has restarted the project almost four months after it lost $182 million in a single mine. Voting has taken place and the result is over 99% in agreement.

Beanstalk

Beanstalk Stablcoin Working Again After Being Hacked

According to a statement from the project, Stablecoin Beanstalk had a vote to make the decision to revive the stablecoin nearly 4 months after experiencing an attack that damaged up to $182 million. The results of the vote showed that more than 99% of stablecoin holders agreed to restart the project.

Beanstalk

According to Beanstalk, its bean token is a decentralized stablecoin that relies on credit rather than collateral to keep its value somewhat close to the US dollar. The project made headlines in the middle of April after a hacker took advantage of its governance system to steal from it.

Two companies have examined the project’s code changes, and governance has been transferred to a community-run multisig wallet until a safe on-chain governance mechanism can be put in place, according to Beanstalk’s statement.

Back in May, the Beanstalk team recommended soliciting $77 million in an over-the-counter loan from private investors as the first step in the process to restart the stablecoin.

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