A bounty for hackers? For these crypto thieves, crime pays!

F*#!k you, pay me! – The credit-based stablecoin protocol, Beanstalk Farms suffered a “ performance » on April 18, 2022 and lost about $76 million in crypto† Now it offers a 10% bonus if the ” hackers return the money. Beanstalk Farms also outlined his plans to move forward if his plea fails.

Beanstalk and DeFi, new target of hackers

The offer to the “hackers” was posted on the Beanstalk Farms Twitter and sent to the attackers via an onchain message the next day. The message offers “hackers” to Return 90% of stolen money in the Beanstalk Farms multi-signature wallet.

From that moment on, the latter can keep the remaining 10% in the form of a white bonus. A white premium is a deal that platforms typically offer for reward those who report violations security and vulnerabilities.

The $76 million achievement, which was originally estimated at about $182 millionis not not considered a hack† The smart contracts and governance procedures used to execute the transfer did indeed work as intended.

The DeFi protocol, Beanstalk Farms, lost about $76 million in crypto.  Now it offers a 10% bonus to hackers.

During a podcast, Beanstalk founders Benjamin Weintraub, Brendan Sanderson and Michael Montoya admitted that flaws in the platform’s design “ultimately led to his downfall”† Sure enough, the release on Tuesday claimed that the “hackers” used a previously unknown problem with Beanstalk’s governance process to provoke the exploit.

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The statement also adds the termination of protocol management and the taking of Beanstalk offline. The goal is to set up a recovery strategy with a procedure to follow† Spokesperson Benjamin Weintraub returned to the podcast on Tuesday to discuss the company’s next steps. The latter is highly dependent on some kind of fundraising.

“Let’s start with what the problem is. Beanstalk was robbed yesterday of something like $76 million. Now he needs to get as much of that money back as possible. He doesn’t need to get all that money back. †

Benjamin Weintraub, spokesperson for Beanstalk Farms

The DeFi protocol, Beanstalk Farms, lost about $76 million in crypto.  Now it offers a 10% bonus to hackers.

Because of this, the spokesperson offered a number of opportunities to collect the necessary money if the “hacker” does not return the money. In particular, he has in mindoffer a newly created token or reduce the token holding of its users, known as pods, stalk and beans. Pods, Stalk and Beans are the ERC-20 tokens used to power the protocol stablecoin based on Beanstalk Farms credit. However, Benjamin Weintraub remains optimistic about the protocol’s survivability.

“From our point of view, Beanstalk isn’t going anywhere. Beanstalk Farms isn’t going anywhere. The real question is how much of Beanstalk’s $76 million is capable of crowdsourcing. Not the worst place to be, guys. †

Benjamin Weintraub, spokesperson for Beanstalk Farms

The Challenge offers many opportunities and above all a new paradigm of finance. Decentralized financial platforms are attracting more and more users. That’s why they are prone to exploits and other hacks from malicious users. The protocol is mid-February Build Finance also suffered from a governance attack† In total, the money fund had lost $522,000.

DeFi protocols are exciting, but sometimes dangerous. If you value peace of mind, opt for more traditional crypto platforms. Currently benefit from a bonus up to €200 in free cryptocurrencies when registering on the Swissborg platform (affiliate link, for a minimum deposit of €50).

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