Beanstalk cryptocurrency project robbed after hacker votes to send themself $182 million
VergeMAR 22 2022
When it comes to DeFi, the buck stops nowhere; there is zero accountability when these ventures fail. The anonymous "founders" point to flaws in the open-source code and hide behind the claim that the project is an "experiment," not a "business."
The fact that most DeFi and crypto projects are open-source means that any vulnerabilities can be quickly spotted and exploited by bad actors. On the bright side, though, this has prompted a security arms race as platforms and protocols rush to secure the top talent to protect their networks.
The irony here is that even so-called "stablecoins" that are meant to help stabilize the inherent volatility of new crypto and DeFi projects are themselves subject to attack and theft. DeFi is dangerous and regulators must step up to protect consumers.