On 9 May, the ‘stablecoin’ TerraUSD fell from a high of $119 to around 20 cents. Its digital coin counterpart Luna also fell to near zero. Unlike other cryptocurrencies like Bitcoin that can gyrate wildly in value, stablecoins are pegged to a country’s fiat currency. In most cases, this is...
On Sunday, an attacker managed to drain around $182 million of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing the supply and demand of different cryptocurrency assets. Notably, the attack exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols. The attack was...
