TL;DR: Beanstalk violated several commonly known best-practices and are now suffering the consequences. This kind of economic vulnerability can barely be called an attack - certainly does not clarify as a "hack" and it's several years since the community learned from bzx and similar almost identical incidents what happens when you make irreversible decisions based on on-chain price oracles like Curve (which is jot the fault of Curve - they should just not be used this way!)
Hopefully the FBI recognizes this. If anything, Beanstalk promoters are responsible for irresponsible marketing and shifting blame.
> The lightning hostile takeover raises fresh questions about the unregulated nature of digital currencies and the lack of protections for investors.
No it doesn't. It's quite clear that there weren't any protection mechanisms at all. The kind of investors who put funds into contracts that can have those funds transferred out at the whim of a threshold of governance votes that are tradable on the public market must be aware of these risks - in particular sine it's the umpteenth time that in principle identical scenarios have played out over several years now.
TL;DR: Beanstalk violated several commonly known best-practices and are now suffering the consequences. This kind of economic vulnerability can barely be called an attack - certainly does not clarify as a "hack" and it's several years since the community learned from bzx and similar almost identical incidents what happens when you make irreversible decisions based on on-chain price oracles like Curve (which is jot the fault of Curve - they should just not be used this way!)
Hopefully the FBI recognizes this. If anything, Beanstalk promoters are responsible for irresponsible marketing and shifting blame.
> The lightning hostile takeover raises fresh questions about the unregulated nature of digital currencies and the lack of protections for investors.
No it doesn't. It's quite clear that there weren't any protection mechanisms at all. The kind of investors who put funds into contracts that can have those funds transferred out at the whim of a threshold of governance votes that are tradable on the public market must be aware of these risks - in particular sine it's the umpteenth time that in principle identical scenarios have played out over several years now.