Beanstalk Farms Announces 10% Bounty After $76 Million Exploit

The Great Crypto Heist: Beanstalk Farms’ $76 Million Dilemma

On April 18, it was a dark day for Beanstalk Farms, a credit-based stablecoin protocol, as they were hit with a massive exploit. In a twist of fate reminiscent of a bad heist movie, $76 million vanished into the digital abyss. The best part? They are offering a bounty for its return.

A Bounty Like No Other

In an unusual move, the company took to Twitter to announce they would reward the exploiters a 10% bounty if they were to return the stolen funds. Can you believe it? That’s a $7.6 million decision, all for the sake of good karma — or perhaps a good PR strategy. The catch? The bad guys need to give back 90% of the ill-gotten gains to their multisignature wallet. A classic good cop, bad cop scenario.

Not a Hack, Just An Oopsie

Interestingly, the exploit wasn’t considered a “hack.” Reports indicate that everything was functioning just as the smart contracts intended — which, let’s be honest, makes this whole mess more akin to an accidental blooper than a bank heist. As co-founder Benjamin Weintraub put it, the flaws in the design led to this unfortunate scenario, indicating that they may need to rethink their blueprint moving forward.

What Comes Next? The Search For Solutions

In a recent podcast, the brains behind Beanstalk Farms outlined their strategy moving forward. They haven’t thrown in the towel just yet! The team is exploring different avenues for fundraising, which could include everything from new tokens to “slashing” their existing users’ Pods, Stalk, and Beans (no, we’re not talking about a vegetable garden). It’s all very much up in the air, but hey, optimism can go a long way!

Can They Bounce Back?

In their mission to recover funds, Beanstalk Farms has made it clear that they aren’t going down without a fight. Their spokesperson remains optimistic, stating, “From our perspective, Beanstalk isn’t going anywhere.” But really, one has to wonder — can a company turbulent with such high stakes really come back from a crisis like this? Only time will tell, but they’re certainly giving it a shot. So, how much of the $76 million they can crowdsource is still the million-dollar (or rather, $76 million) question!