Security News > 2022 > April > Clever Cryptocurrency Theft
2022-04-20 13:57
Beanstalk Farms is a decentralized finance project that has a majority stake governance system: basically people have proportiona votes based on the amount of currency they own.
A clever hacker used a "Flash loan" feature of another decentralized finance project to borrow enough of the currency to give himself a controlling stake, and then approved a $182 million transfer to his own wallet.
It is insane to me that cryptocurrencies are still a thing.
News URL
https://www.schneier.com/blog/archives/2022/04/clever-cryptocurrency-theft.html