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On August 15th, South Koreas Ministry of Industry announced on Saturday that it had dismissed its chief trade negotiator, without disclosing the specific reasons. Trade Minister Yeo Han-koo, who had previously served as South Koreas chief trade envoy, traveled to Washington multiple times this year to hold talks with the US government and members of Congress on issues related to tariffs, semiconductor measures, and digital policy. The Ministry of Industry stated that personnel decisions involving political appointments fall under the presidents authority and that it will strive to ensure that current trade affairs are not affected. No successor has yet been appointed.On August 15th, construction workers discovered over 50 unexploded ordnance believed to be from World War II in downtown Warsaw, Poland, on August 13th. Approximately 4,000 people were evacuated. The ordnance has since been cleared. According to Polish sources on August 14th, construction workers discovered the unexploded ordnance while carrying out earthworks near the intersection of Grzybłowska Street and Želazna Street on August 13th. Bomb disposal experts arrived at the scene on August 14th, evacuating residents from eight nearby buildings and prohibiting pedestrian and vehicular traffic within a 400-meter radius of the discovery site. The bomb disposal operation concluded that afternoon. It is reported that two other World War II-era explosive devices were discovered in downtown Warsaw last week.On August 15th, Iranian Foreign Minister Araqchi stated in a media interview on August 14th that while mediators Qatar and Pakistan are exchanging information and maintaining contact with Iran, this does not signify ongoing negotiations. Iran has not yet decided whether to resume negotiations with the United States. Araqchi also stated that negotiations between Iran and Oman are ongoing and relate to determining the navigation routes through the Strait of Hormuz for ship passage; this is a completely different issue from the opening of the Strait of Hormuz. Araqchi emphasized that Iran will only restore passage through the Strait of Hormuz if the United States complies with certain conditions.August 15th - According to real-time data from Lighthouse Pro, as of 12:22 PM on August 15th, the film "Welcome to Dragon Restaurant" has surpassed 600 million yuan at the box office.August 15th - According to the New York Times, supply problems for the USS Abraham Lincoln aircraft carrier began shortly after the first day of the war – when Iranian missiles and attack drones struck a US Navy base in Bahrain. This attack was Iranian retaliation for the US-Israel joint attack on Tehran, and much of the bases infrastructure was destroyed. Along with the smoke, a major logistics hub upon which the Navy relied was also destroyed. The Navy urgently needed backup plans to continue supplying sailors operating around the clock to maintain air support and, later, to maintain the blockade of Iranian ports. The loss of the Bahrain logistics hub led to numerous problem reports on the carrier supporting the war effort against Iran, and Democratic senators expressed concern about the 5,000 sailors on the Lincoln and its nearly nine-month deployment.

Beanstalk’s Stablecoin Protocol Relaunches 4 Months After $182 Million Exploit

Skylar Shaw

Aug 09, 2022 14:36



An attacker took use of the decentralized finance (DeFi) technology Beanstalk Farms earlier this year by acquiring a majority interest in tokens and utilizing that position to take advantage of the governance structure.


As the smart contracts and governance processes used to execute the transfer had worked as intended, it should be noted that it was not regarded as a hack, but the governance exploit did drain $182 million from the project for the credit-based stablecoin system.

Replant

Just under four months after falling down, Beanstalk has revived its protocol as it strives to regain the $100 million market capitalization it had before its stablecoin assault in April. In a vote that ended on August 5, users who owned more than 99 percent of the project's stalk token supported the relaunch.


The project's protocol governance has been transferred to a community-run multi-signature wallet as part of the relaunch event known as the "Replant" until "a secure on-chain governance mechanism can be established." Five out of the nine validators selected by Beanstalk developers must now verify governance choices due to enhanced multi-signature security.


The Root Protocol announced a $9 million seed investment to establish financial, commercial, and sports betting markets on Beanstalk, and new application development is already under progress on the network. Nima Capital, Soma Capital, Manifest Crypto, and Road Capital all contributed to the equity round, which was headed by the former.


The group also said that it has successfully passed two protocol audits from respected smart contract auditing companies Halborn and Trail of Bits.

Financial Attack

When the Beanstalk team suggested soliciting $77 million from private investors back in May, the process to revive its stablecoin got under way. This came after one of the biggest flash loan vulnerabilities in history, which provided a malevolent user access to the protocol's governance for a brief while.


Investors purchase Beanstalk debt assets, which operate like time-vested bonds and pay interest annually. Beanstalk uses loans to sustain the value of its native stablecoin. In order for the project to function and maintain its planned $1 peg, it depends on a decentralized credit facility, decentralized pricing oracle, and governance community.


The initiative planned a fundraising event called the "Barn Raise" to replace the monies that had been stolen while planning a strategy for relaunching. In order to borrow the $77 million, Beanstalk will issue 77 million fertilizer tokens for 1 USDC apiece in return for debt with interest rates as high as 500%.


According to the most recent statistics from Chainalysis, during the first half of this year, hackers stole $1.3 billion from exchanges, platforms, and private companies. DeFi methods have been the source of over 97 percent of all bitcoin thefts, up from 72 percent in 2021.

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