YEREVAN (CoinChapter.com)- Beanstalk, a “DeFi Stablecoin Protocol,” successfully raised over $5.5 million within the first hour of the Post-Exploit Recapitalization Fundraiser, dubbed “The Barn Raise.”
The fundraiser aims to help restore the $77 million of liquidity which hackers stole from the protocol in April.
Over $5.5M of Fertilizer sold in the first hour of the Barn Raise. Participate at https://t.co/VU0uepgDfR
The Beanstalk community had already pledged $10 million before the fundraiser began, according to the platform. That number amounts to 15% of the total funds lost.
“The Barn Raise is an opportunity to participate in a protocol that had organically reached a $100M market cap in just nine months after its initial launch,”
Beanstalk said in a press release.
Backers of the project can participate by purchasing ‘Fertilizer’ tokens from the website. The platform assures them a return of up to 500% when the project re-launches in early July 2022.
Seventy-seven million Fertilizer tokens are up for sale at 1 USDC each. At the time of writing, supporters had already purchased 8.14% of the tokens.
About 8.14% of the total Fertilizer tokens have so far found takers. Credit: Beanstalk Farms website
The DeFi platform will also launch a 10,000 nonfungible token (NFT) series as part of the fundraiser. The collection has been named The Barn Raise NFT Collection’.
Ukraine returned $250K in stolen funds to DeFi protocol Beanstalk
As already stated, Beanstalk protocol suffered a massive attack in April. In desperation to save the stolen funds, the devs offered the hacker a 10% white-had reward in exchange for the stolen funds.
If you will return 90% of the withdrawn funds to the Beanstalk Farms multi-sig wallet,… Beanstalk will treat the remaining 10% as a White hat bounty properly payable to you,”
the project wrote.
Furthermore, they sent the Exploiter an On-Chain Message regarding the same.
Interestingly, the thief sent $250,000 from the stolen assets to the Ukrainian relief fund. Michael Chobanian, the Blockchain Association of Ukraine president, vowed to return the funds to the protocol. Simultaneously, Chobanian is the founder of the Ukraine-based Kuna exchange.
Hey! We received 250k usdc from your stolen funds. Unlike Russian soldiers in Ukraine, we do not take other people's possessions. Please verify your account on https://t.co/iLLP0DMs8L and we will return the funds. Slava Ukraine!
“Beanstalk Farms would like to thank the honorable people of Ukraine for offering to return the portion of Beanstalk’s stolen funds that were sent to Kuna Exchange,”
After the fundraiser ends, the project will start afresh, promising a better security and user experience.
Meanwhile, nine community members and contributors will govern the DeFi protocol Beanstalk. Above all, this will serve as a temporary security measure until implementing a more secure and fully-decentralized governance mechanism.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he currently works as a reporter at CoinChapter.
Contact: [email protected]
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