HomeCoinsEthereum (ETH)Beanstalk stablecoin relaunches four months after $182 million exploit

Beanstalk stablecoin relaunches four months after $182 million exploit

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The team behind the Beanstalk stablecoin has relaunched the project nearly four months after it lost $182 million in an exploit.

The network was due to “unpause” at 12 p.m. ET today, according to a statement from the project. People holding more than 99% of the project’s stalk token backed the resurrection in a vote that closed on Friday.

Beanstalk bills its bean token as a decentralized stablecoin that uses credit rather than collateral to maintain something close to parity with the US dollar. The project hit the news in mid-April after a hacker exploited its governance mechanism to steal from the project.

Changes to the project’s code have been audited by two firms and governance has been moved to a community-run multisig wallet until a secure on-chain governance mechanism can be implemented, Beanstalk said in the statement.

The Beanstalk team began the process to reboot the stablecoin back in May, when it proposed raising $77 million in an over-the-counter loan from private investors.

The fundraising came just as stablecoins were gaining attention for all the wrong reasons: the same week saw Terra’s algorithmic stablecoin, TerraUSD, implode in a spectacular destruction of more than $40 billion of investor value.

Users invest in Beanstalk debt assets known as “pods” that function like time-vested bonds, paying a high annual interest.

Updates to clarify the relationship between the Beanstalk project and the bean token. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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