The Beanstalk hack, which occurred April 17, was the fifth largest crypto theft on record, according to the report.
Here are six things to know about the hack:
1. The hacker wiped out all of the ether, a decentralized, open-source blockchain, held by the fund.
2. Once the ether was removed, the value of the stablecoin, called Bean, collapsed to 10 cents from $1.
3. The hacker’s profit was about $76 million.
4. Beanstalk’s developer has been trying to regroup and said it wants to attempt to rebuild.
5. To do so, the developer would have to secure the protocol, find new capital to fund it and repay users who lost money from the hack.
6. It is unclear if the funds can be recovered from the hacker.
Cryptocurrency hacks have been on the rise. Since August, there have been 37 hacks in 38 weeks that have drained about $2.9 billion worth of cryptocurrencies. In 2021, that number was $3.2 billion.
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