Beanstalk founders dismissed concerns about governance attacks before losing $182 million

On April 17th, the decentralized finance (DeFi) project Beanstalk Farms was exploited for $182 million after an attacker mounted a lightning-fast hostile takeover, buying a controlling stake of tokens and immediately voting to send themself all of the funds.

The incident sparked discussion around “governance attacks,” a way of manipulating blockchain projects that use decentralized governance structures by gaining enough voting rights to reshape the rules.

In the wake of the attack, …

attacks beanstalk founders governance