'Flash Loan' Used to Take Over Majority Stake in Beanstalk Farms, $182M Stolen As Result - FinTech Brief

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'Flash Loan' Used to Take Over Majority Stake in Beanstalk Farms, $182M Stolen As Result

Friday, Apr 22 2022

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Written by FinTech News Brief

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Decentralized Finance project Beanstalk Farms was ripped off for $182 million in an attack on the project’s “majority vote governance system.” So reports The Verge.

beanstalk farms The project was initially developed to balance supply and demand considerations for various crypto assets. The attack was said to have netted close to $80 million in profits for the hackers as the rest of the funds were apparently used for a “flash loan” aimed at bankrolling the takeover.

Read the full article from The Verge.

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