Beanstalk DAO offers cybercriminals a reward

Representatives of the decentralized (DeFi) protocol Beanstalk DAO offered the attacker a reward. The specialists also talked about how they are going to compensate users’ funds if the cybercriminal does not agree to their terms.

The developers of a stablecoin lending protocol that lost over $180 million in a hack offered the attacker a 10% reward if he returned the stolen funds. The project team really wants to get back 90% of the lost funds and is ready to compensate for the efforts of the fraudster.

Representatives of the company noted that they offer the exploiter a scheme of the so-called white hat. This is a situation where the platform rewards the user for reporting protocol security vulnerabilities. The developers of the product noted that in fact the project did not lose $182 million, as previously stated, but only $76.

Experts also assured: technically, what happened cannot be considered code breaking. The fact is that smart contracts and control algorithms used to transfer assets worked correctly.

Beanstalk founders Benjamin Weintraub, Brendan Sanderson and Michael Montoya admitted that their product needs some work. They plan to pay significant attention to improving the security of the protocol and undergo several more independent audits in the very near future.

Experts assured that the hacker did not have to hack anything, the scammer simply temporarily disabled protocol control. Now the latter is in a state of freezing. This will continue until the developers become completely sure that it is completely safe.

Weintraub said: if the attacker refuses to return the funds, then he and his colleagues will start a fundraising campaign.

Earlier edition informed that the Beanstalk DAO DeFi protocol was hacked on April 17, 2022.

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