Reddit Posts
Positive carry, fully collateralized Stablecoins
Algo Stablecoin Protocol 'Beanstalk' Cut Down by Governance Hijack.An attacker drained 24,830 ether and 36 million BEAN tokens worth about $180 million
Bot makes 200 eth profit in single arb transaction as part of the BEAN hack.
BEAN an algo Stablecoin just got flash load attacked!
BEAN a algo stable-coin just got flash load attacked!
Is this moment the most significant turning point in this year so far?
Is ETH 2.0 worth waiting for this much?
Will the ETH 2.0 be the biggest milestone in crypto ever?
Is this a good moment to get in BTC?
Is this the most underappreciated aspect of the BTC network?
BEAN:LUSD pool is live on Curve
I think stablecoins are underestimated and they have a lot more to offer.
Babymrbean Token($MRBEAN) Launching soon on Pink sale finance ,Definately potential token with new generation bot proof contract , if you missed last year doge and shiba then dont forget to thank me it is definately a mars shot
BABY MR BEAN - DeFi Token + P2E GAME FI +5% Dogecoin Rewards+ NFTs+ Top Marketing 1000$ WL
Mentions
The new BESC chain, BEAN Exchange, and Bean Bag (wallet) will take care of that if Binnace falls. I'm not worried
These platforms use Oracles to determine the value of each asset. These Oracles pull their prices from DEX's and similar platforms. Some DEX's have low liquidity, and a flash loan can allow an exploiter to gobble up all the liquidity on the DEX and temporarily control the price (on an ultra-short term basis). By doing so, the Oracle is now showing the manipulated price for the affected asset(s). The platform(s) using this Oracle will now use the manipulated price as well. So for example, let's say the exploiter manipulates the price of ETH on some shitty low liquidity DEX down to $10. BEAN is pulling price data from an Oracle which pulls this DEX's price data. So BEAN platform now thinks ETH is worth $10. Flash loaner deposits $100K USDC on BEAN and is now able to borrow $50K USD worth of assets. So they borrow 5000 ETH (which BEAN values at $50K). Real value of the ETH is over $15M.
"BEAN - a algo stable-coin"... says it all.
tldr; Beanstalk has broken its peg following a roughly $80 million hack. The hacker borrowed nearly a third of the stablecoin's supply, 32 million BEAN tokens, and used Curve Finance’s $3Crv tokens to generate unique tokens ‘Bean3CRV-f’ and ‘BEAN3LUSD-f.’ The hacker even included a $250K donation to the Ukrainian donation address. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
TLDR: The transaction on Etherscan shows that the hacker used what’s commonly known as a ‘flash loan attack,’ one that has been seen on DeFi protocols previously. A flash loan in crypto allows a user to borrow and repay a loan in a single transaction, which minimizes risk for lenders and can streamline processes for borrowers. In the Beanstalk Farms hack, the hacker borrowed nearly a third of the BEAN supply, roughly 32 million tokens and utilized Curve Finance’s $3Crv tokens to generate a unique tokens ‘BEAN3CRV-f’ and ‘BEAN3LUSD-f.’
yes, for example like BEAN lost 100% value today
People are going to make this out to be an algo stablecoin problem, when it's really an on-chain governance problems. From what I can see, this wasn't a technical failure but governance failure - exploiter literally voted to mint a shit ton of BEAN and drain the app.
# This is NOT an ALGO token. The OP links to an Eitherscan and the tradingview link leads to the token paired with Binance Coin. It's not an ASA and has nothing to do with *A*lgorand. Whatever the fuck 'BEAN' might be, it's not an *A*lgorand Standard Asset and the OP has incorrectly titled this post. What a dumb title for an otherwise informative post.
BEAN just died, i hope not many people here were effected, sad day.
>I believe the price of ETH will skyrocket since all transactions formerly carried out with USDT BEAN and other stablecoins, as well as other cryptocurrencies, can and will be carried out on the ETH network. Tell me you don't understand what an ERC20 token is without telling me you don't know what an ERC20 token is...
Since this post, Beanstalks' growth has been ***incredible***! A BEAN:LUSD pool went live on Curve -today- You can check out all the latest developments [here](https://www.reddit.com/r/BeanstalkProtocol/) and [here](https://bean.money/blog/the-bi-weekly-bean-1)
To recap, I managed to get out at 106 ALGO / BEAN just before the tinyman exploit with x2 gains. I am one lucky son of a b****.
BEAN. If you know, you know. \#GetCaffeinated
Went in to a micro cap DAO $BEAN on Algorand through tinyman. I think x3 by tomorrow.
Beanstalk Protocol or BEAN
BEAN is also a stable coin that has a proven track record to work, but it’s decentralised and doesn’t work with collateral, it’s the first algorithmic coin that I’ve seen to work!
Spill the beans .. It's $BEAN
HA HA!! I thought BEAN PM was some new obscure coin that might take off. Beans give you gas, and BEAN PM doesn't cost any gas fees like ETH. Bitcoin? bog already, but the most optimistic projection have it doubling over a couple years. BEAN PM just came out, and those who invest might see 1,000% in a year! Monero is private? HA! BEAN PM is so private, nobody can find it. Only people who know the secret internet address can find it. It changes frequently, and the new address only gets sent to existing BEANers. Suck it google and facebook!