Can Beanstalk farms stay afloat if a hacker stole $182 million?

Here’s how Beanstalk Farms is hoping to stay afloat Beanstalk Farms is appealing to the hacker that stole $182 million in cryptocurrency on Sunday, offering a $1.8 million “ Whitehat bounty” if the exploiter returns 90% of the stolen funds. Hackers stole the crypto by exploiting the decentralized finance project’s governance system.

How did the Beanstalk crook get $1 billion in crypto-coins?

We're told the crook used what's called a flash loan to drum up the needed funds to gain sufficient governance rights over Beanstalk: some $1 billion in crypto-coins from the Aave lending protocol were obtained, and used to get enough of Beanstalk's governance tokens to approve a proposed movement of the collateral, before it was all paid back.

Is Beanstalk a permissionless Fiat stablecoin?

A permissionless fiat stablecoin protocol. An overview of the Beanstalk community's latest NFT collection. Thoughts on a flexible system for Silo reward allocation. Beanstalk is a permissionless fiat stablecoin protocol built on Ethereum that uses credit instead of collateral to issue its native stablecoin.

What happened to Beanstalk's stablecoin?

The market for Beanstalk’s BEAN stablecoin collapsed as a result of the attack. At press time, the token was down 86% from its $1 peg, according to CoinGecko. When reached for comment, Beanstalk pointed CoinDesk to a post in its Discord server summarizing how the attack occurred.