start exploring

Beanstalk Cryptocurrency Loses $182M

Beanstalk cryptocurrency loses $182m of reserves in flash ‘attack.’

Raider gains voting rights over digital currency and uses them to transfer contents of the treasury.

The Beanstalk cryptocurrency has been stripped of reserves valued at more than $180m (£138m) in seconds.

after an attacker used borrowed money to snap up enough voting rights to transfer the money away.

The lightning hostile takeover raises fresh questions about the unregulated nature of digital currencies and the lack of protections for investors.

Describing itself as a “decentralized credit-based stablecoin protocol”, Beanstalk offers a cryptocurrency, called beans, intended to have a stable value of $1 a coin.

It effectively operated as a bank, letting savers make deposits, and using their savings to ensure that the value of a single bean stayed as close to $1 as possible.

For More Information!

Click Here