Cryptocurrency hacks are getting bigger.
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.