.BeanstalkFarms, a stablecoin protocol hit by a nine-figure flash-loan attack in April, is raising $77 million to add liquidity ahead of its relaunch. BrandyBetz reports
In April, an attacker bought a controlling stake of Beanstalk tokens, then used that position to exploit the governance structure, voting to send themself all of Beanstalk’s funds.
“The Barn Raise” fundraiser will begin at 12 p.m. ET on June 6 and last until all of the so-called fertilizer tokens are sold, according to aBeanstalk will sell 77 million fertilizer tokens for 1 USDC each, and will borrow that $77 million in exchange for debt at up to 500% interest. Fertilizer holders will receive a pro rata share of one-third of newly minted beans, Beanstalk’s native stablecoin. The protocol said that about $10 million in funds have already been committed.
As part of the fundraiser, Beanstalk will also launch a 10,000-item non-fungible token series, The Barn Raise NFT Collection, which will be made available to the first participants contributing at least 1,000 USDC before the protocol’s relaunch. Beanstalk will formally resume operations in early July after two separate security audits are completed.
The Beanstalk decentralized autonomous organization said it is working to strengthen the governance structure, switching to a community-run multisignature wallet custodied by nine Beanstalk community members – a short-term solution until a more robust security mechanism is developed, audited and implemented.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
City of Seattle to void parking tickets issued between September and AprilApproximately 200,000 parking tickets issued within the city are now eligible to be canceled or refunded.
Read more »
Biden says he learned of baby formula shortage in AprilPresident Biden said Wednesday he was not aware of how dire the baby formula shortage was until April, though formula manufacturers said they alerted retailers of a looming shortage in February.
Read more »
Biden says he found out about baby formula shortage in AprilFormula manufacturers said they alerted retailers of a looming shortage in February.
Read more »
White House can't explain why Biden didn't know about formula crisis until AprilWhite House press secretary Karine Jean-Pierre could not answer why President Joe Biden did not know about the baby formula crisis until April.
Read more »
The price of homes sold recently in South Jersey. Deed transfers, April 25-May 1, 2022.Real estate transactions for Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Monmouth and Salem counties for April 25-May 1, 2022.
Read more »