Beanstalk Farms' stablecoin protocol was relaunched on Saturday, and the team is working to try to get back the $100 million market cap that its BEAN stablecoin had before it was hacked in April.
The Beanstalk cryptocurrency has been stripped of reserves valued at more than $180m in seconds, after an attacker used borrowed money to snap up enough voting rights to transfer the money away.
The community grant program aims to reward community members for creating quality content about the Beanstalk ecosystem. Welcome to the Bi-Weekly Bean, the newsletter that recaps the latest happenings in the Beanstalk ecosystem. This issue covers the 8/01/22– 8/16/22 period.
Notably, the attack exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.
Others were encouraged to deposit cryptocurrencies such as ether into a “silo” to build up the stablecoin’s reserves in exchange for voting rights over the operation of the organisation. On Sunday night, one such vote resulted in Beanstalk’s entire silo, worth around $182m at market rates, being transferred out of the organisation.
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