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Beanstalk Farms Offers 10% Bounty To The Hackers
The offer also requires the attackers to return 90% of the stolen funds to Beanstalk Farms’ multisignature wallet.
Harshvardhan
2:40 23rd Apr, 2022
Frauds

The credit-based stablecoin protocol Beanstalk Farms is offering a 10% bounty to the hackers who stole $182 million worth digital assets from the platform.

Hackers took advantage of security loopholes in Beanstalk and performed two sinister proposals and a flash loan attack, losing even $80 million in Ether.

The bounty offer is sent to the hackers via an on-chain message. The attackers would be required to restore 90% of the stolen funds to Beanstalk Farms’ multisignature wallet, according to the proposal.

In exchange, the hackers will be able to keep the remaining 10% as a whitehat bounty, which is a deal offered by platforms to compensate those who report security exploits and flaws.

Beanstalk has temporarily turned off protocol governance and suspended the service while it works on a plan to relaunch with a clear way forward. Co-founder Weintraub said they’ll talk about the company’s future plans, which may include some form of fundraising.

Should the exploiter fail to refund the funds, Weintraub proposed a number of options, including giving a newly minted token or cutting its users’ token holdings, called the Pods, Stalk, and Beans.

Weintraub added “From our perspective, Beanstalk isn’t going anywhere. Beanstalk Farms isn’t going anywhere. The real question is how much of the $76 million Beanstalk is able to crowdsource. This isn’t the worst place to be in, guys.”

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