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Stablecoin Project Beanstalk to Relaunch Four Months After Attack Damaged $182M

By WebsCryptoAugust 7, 20221 Min Read
Stablecoin Project Beanstalk to Relaunch Four Months After Attack Damaged $182M
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Stablecoin project Beanstalk is set to restart four months after it was compromised by an attack that damaged $182 million. The project will be restarted, according to a statement from the project. Those holding more than 99 percent of the project’s Stalk tokens supported the restart in a vote that ended Friday.

Beanstalk said in the statement that changes to the project’s code have been audited by the two companies, and governance has been moved to a community-run multi-signature wallet until a secure on-chain governance mechanism can be implemented.

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The Beanstalk team started the process of restarting the Stablecoin back in May, when it proposed to raise $77 million in over-the-counter loans from private investors. In April of this year, Beanstalk was attacked by a flash loan, losing nearly $182 million.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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