DeFi

Beanstalk Restarted After 4 Months Hacked $182 Million

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 Restarted After 4 Months Hacked $182 Million 3

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.

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

15 mins ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

2 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

3 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

6 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

9 hours ago

This website uses cookies.