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- Fei protocol offered a $10m bounty and said no questions asked if you return the remaining user funds.
In April 2022, an attack of $80 million occurred from Rai Fuse pools that required the decentralized finance (DeFi) platform Fei protocol to devise a solution that minimizes damage to the ecosystem. Fei lab’s recent proposal, which partially advises withdrawing participation from Tribe Dao, received mixed sentiment from the community.
Joey Santoro, the founder of Fei Protocol, declared that the recent proposal TIP-121: is a proposal for the future of Tribe DAO, revealing the company’s intent to compensate Fuze victims. It also details asset redemption and the distribution of protocol-controlled value assets that manage the liquidity and yield.
Community members question the recent proposal’s lack of timelines and hard numbers.
An Official of onigiri highlighted that “I think trust has been broken, and I can’t believe such a vague proposal probably overlooked by an army of blood-thirsty lawyers will be in the user’s favor.”
Fei protocol mentioned in its tweet that We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.
Beanstalk Farm Ethereum-based algorithmic stablecoin project halted its services a few months ago, but on completing one year of its anniversary, it restarted its services.
Beanstalk (BEAN) cryptocurrency has recently witnessed the theft of its reserves valued at over $180 Million within seconds. This instance happened following an attacker who borrowed money to accumulate voting rights to take the money away.
Beanstalk claims itself as a decentralized credit-based stablecoin protocol. It facilitates a digital asset, BEAN, which intends to keep its value stable at $1 per coin. It functions as a bank, letting savers deposit the Beans and utilizing their savings to ensure that a single bean’s value stays close to $1.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
