Hacked Stablecoin Beanstalk Seeks to Borrow $77 Million to Revive Itself

Beanstalk Farms, an algorithmic stablecoin protocol, plans to raise $77 million in OTC loans from private investors to restart the project. Beanstalk DAO approved a governance vote on loan financing. According to the proposal, the team plans to issue a new token to OTC lenders, claiming that it will pay out a 500% yield until the loan is fully repaid. It's unclear who might lend money to Beanstalk. Previously, Beanstalk Farms suffered a hack in April 2022 that resulted in losses of $182 million.