Hacking Costs Beanstalk Stablecoin Protocol $80M

　　Beanstalk, a developing Ethereum stablecoin system, has emerged as the latest blockchain business to experience a hacker intrusion, resulting in a catastrophic $80 million loss from the platform.

　　Peckshield, a blockchain security and data analytics firm, originally reported the attack on Twitter before confirming it.

　　The Beanstalk Farms team acknowledged the attack and stated that it is investigating the situation and would notify the community as soon as feasible. While Peckshield estimated the loss to be roughly $80 million, it included an allowance that may effectively increase the losses. It is estimated that a total of 24,830 ETH and 36 million BEAN tokens were lost.

　　Hacks and exploits have become prevalent, particularly in Decentralized Finance (DeFi) protocols. This year, the value of cybercrime employing these protocols has surpassed $1 billion, and further exploits are suspected to be in the works. The Beanstalk team stated that they are in communication with as many partners as possible, and an appeal has been issued in a second tweet to Centralized Exchanges to assist in limiting the attacker's ability to use the monies stolen.

　　“Were engaging all efforts to try to move forward. As a decentralised project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter's ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well”

　　The idea of having an open conversation with a hacker has only borne fruit with Poly Network, an interoperability standard that was attacked for more than $600 million last year. Because to the hacker's and the team's candor, the full amount stolen was returned, marking a watershed moment in the history of cybercrime.

　　While the Beanstalk hack shows that further security flaws must be addressed, companies like as CertiK have received money from investors to create a good shield for protocols in the DeFi sector.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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