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Hacked stablecoin Beanstalk seeks to borrow $77 million to revive itself

Quick Take The Beanstalk stablecoin hopes to raise $77 million in an over-the-counter loan from private investors. The team is aiming to recover from a flash loan exploit in April that drained millions in funds. The team behind the stablecoin Beanstalk is raising $77 million in an over-the-counter loan from private investors as it seeks to revive the project following a major hack last month. On May 7, the Beanstalk DAO — the decentralized autonomous organization that oversees the project …

Ethereum-based stablecoin protocol Beanstalk loses more than $80 million to exploit

Beanstalk, a credit-focused stablecoin protocol built on Ethereum, was exploited Sunday morning. The attacker obtained more than $80 million worth of crypto, including 24,830 ETH — an amount worth roughly $75.8 million as of press time. The remainder of the exploited funds were in the form of drained liquidity connected to the protocol’s governance token. Transaction data indicates that the exploiter has since begun moving funds to Tornado, an Ethereum-based mixer that obfuscates the source of funds that move through …