Crypto Thieves Get Bolder by the Heist, Stealing Record Amounts



ORIGINAL POST
Posted by Ed 2 mths ago
Cryptocurrency hacks are getting bigger.
 
On Sunday, a hacker exploited a new algorithmic stablecoin project called Beanstalk and drained it of $182 million worth of digital assets.
 
The hack wiped out all of the ether held by the fund. Once the ether was removed, the value of the stablecoin itself, called Bean, collapsed to 10 cents from $1 on Sunday, according to data firm CoinGecko. Most recently it was trading at 6 cents.
 
After the bean stablecoin’s collapse, the hacker’s profit was about $76 million, according to a blog post from Beanstalk Farms, the group that operates the project.
 
The Beanstalk hack was the fifth-largest crypto theft on record, according to Rekt.news, which tracks crypto hacks. The hack follows a $540 million theft last month from the platform for the online game Axie Infinity.
 
https://archive.ph/A11IX#selection-4215.0-4219.70 

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COMMENTS
Ed 50 days ago
Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic  https://dnyuz.com/2022/05/12/cryptocurrencies-melt-down-in-a-perfect-storm-of-fear-and-panic/

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Ed 50 days ago
Suicide Threats Spike on Reddit After Crypto Crash  https://www.infowars.com/posts/suicide-threats-spike-on-reddit-after-crypto-crash/ 

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Ed 50 days ago
El Salvador expected to default as bitcoin plummets

"The Central American country made the cryptocurrency legal tender last year, but since then, it has continued to fall, raising concerns about whether it will be able to meet its next debt payment"

https://english.elpais.com/economy-and-business/2022-05-10/el-salvador-expected-to-default-as-bitcoin-plummets.html

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