Beanstalk Farms, a credit-based stablecoin platform that was exploited for about $76 million in crypto, promised a 10% bounty if the attackers returned the cash. The platform was hacked on April 18. The company sent the proposal to hackers utilising on-chain messages and made it public on Twitter the very next day.
10% bounty proposal to hackers
According to the proposal, the exploiters would be required to restore 90% of the stolen funds to Beanstalk Farms’ multi-signature wallet. Then, the remaining 10% of the amount the hacker would be able to keep as a whitehat bounty. The proposal further explained that it would be a contract made by platforms to compensate for disclosing security exploits and flaws.
Beanstalk Farms $76 million hack
The $76 million hacks were carried out using a previously undiscovered flaw in Beanstalk’s governance process. After the hack, the platform temporarily turned off protocol governance and put Beanstalk on hold. As per sources, the company is currently working on the relaunch strategy and way forward.
The company’s spokesperson Mr Weintraub in a podcast show on Monday revealed the company’s future plans, which involve some form of funding also. He made the following statement:
“… Let’s begin with the problem. Yesterday, Beanstalk Farms was robbed with almost $76 million. It must now retrieve as much of the funds as possible…”
He further explained the strategy if the hackers do not return the looted funds, the company has a variety of options. In that situation, the company can offer a freshly minted token or cut its users’ token (Pods, Stalk, and Beans) holdings. He remained optimistic about the protocol’s long-term viability.
