Clever Cryptocurrency Theft
Beanstalk Farms is a decentralized finance project that has a majority stake governance system: basically people have proportional 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.
Brillig • April 20, 2022 9:15 AM
Cryptocurrency is a good example of theory versus practice. People are excited over what cryptocurrency can do in theory, but they have no realistic assessment of its practical weaknesses.