Beanstalk Offers Whitehat Bounty to Hacker for Returning Part of Stolen Funds

Beanstalk Farms is reaching out to a hacker who stole $182 mln in crypto on Sunday and is offering a $1.8 mln bounty if the attacker recovers 90% of the stolen funds. Beanstalk said in a statement that the theft of non-Beanstalk assets totaled approximately $76 mln.

Hackers stole the cryptocurrency using the decentralized finance project’s governance system. Analyst firm PeckShield was the first to notice the incident and provided an estimate of $182 mln, noting that the attackers took more than $24,000 in Ethereum and $36 mln in Bean, the company's stablecoin.

The creators of the protocol said they were not involved in the attack. It is noted that they also lost their deposited assets, like other users. It is not yet clear whether losses will be reimbursed to investors, and if so, how and to what extent. The Bean stablecoin has been trading around $1 since October last year. Then it fell to 6.5 cents.

Image: Coinphony