Beanstalk Farms Team Restarts DeFi Protocol 4 Months After Being Hacked

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Beanstalk Farms developers have restarted the Ethereum-based stablecoin protocol and expect to return BEAN, the project’s native token, to the $100 million capitalization it reached on the eve of the April 17 hack.

An unknown hacker managed to steal $181 million from the project.

The Replant event was timed to coincide with the anniversary of the deployment of the code on the Ethereum network.

The press release shared by the developers reads:

“The BEAN experiment is out again. It’s impossible to predict how this will work out, but Beanstalk Farms’ belief in the possibility of an unlimited fiat stablecoin is unshakable. It is currently unclear whether a stablecoin is good enough to sustain itself forever. The model still has some shortcomings. However, it is capable of sustaining itself in the short term.”

Project management has been moved to a community multi-signature wallet until “a secure alternative is implemented.”