# Week in Crypto Drama #6

By [0xKΞRM4](https://paragraph.com/@0xk-rm4) · 2022-04-22

---

Welcome to **Week in Crypto Drama #6**! This week we learned that Easter Sunday is as good as any other day to hack poorly designed protocols.

Beanstalk, a decentralized stable-coin protocol, was exploited via [governance / flash loan](https://twitter.com/FrankResearcher/status/1515693895887294466) attack. Total loss $76M out of which 10% is now offered to the hacker as [bounty](https://twitter.com/BeanstalkFarms/status/1516156014264938501?s=20&t=Uf3s0yOiHGj-GF0Q6vERvw). Hasn’t happened before, but there is a hope as $250k was [donated](https://twitter.com/PeckShieldAlert/status/1515677275953373184) to Ukraine. I think we can safely assume that this time it wasn’t the [North Korean’s](https://twitter.com/ABTestingAlpha/status/1516221806549639175). And kids, before launching new crypto money, check with parents. They may have [good ideas](https://twitter.com/Barabazs_/status/1515686836814983173).

Another unknown protocol on BSC lost $1M. Hacker wasn’t happy with the gains and [burned it all](https://twitter.com/inversebrahfan/status/1517069518618914816).

While we’re at 💩 that happens on Binance - they celebrated Hitler’s birthday by launching their new [logo](https://twitter.com/Tree_of_Alpha/status/1516835844967092233). Didn’t look [Reich](https://twitter.com/CryptoCred/status/1516832921474240517).

EU doesn’t like [BTC](https://twitter.com/tier10k/status/1517096319315238913). And people are getting [worried](https://twitter.com/punk6529/status/1517421773037449216):

> And the USA/EU, honestly, needs to try a little harder, use some imagination. Crypto/web 3 is not just some silly little thing to be brought into the fold. It is internet-scale innovation.

Tornado Cash started to block sanctioned addresses from accessing the dapp. CT was not impressed and Sifu [has a solution](https://twitter.com/0xSifu/status/1514984464589406208).

We clearly don’t have enough algorithmic stable-coins, so His Excellency [launches one](https://twitter.com/WuBlockchain/status/1517124429737648129). With it’s 30% incentive CT has [great ideas](https://twitter.com/Dogetoshi/status/1517140943693967360):

> Hear me out. Terra farms USDD’s 30% to subsidize its 20%.

Cobie [writes](https://cobie.substack.com/p/apecoin-and-the-death-of-staking) about staking useless coins and gets [called poor](https://twitter.com/TommyAvalanche/status/1517108054873059328). I guess it’s really hard for Apes as they keep [loosing](https://twitter.com/DegenSpartan/status/1516797428783259648) their jpeg’s and no-one is [whitelisting](https://twitter.com/basedkarbon/status/1515382854028509187) them for cool stuff. Like this new [pixelated bird](https://opensea.io/collection/proof-moonbirds) with a Ξ2.5 mint and a Ξ34 floor. Apparently it’s the future of [utility NFT’s](https://overcast.fm/+YNeS28vbc).

Limewire, the p2p software that gave you viruses back in the day, has raised [$10.4M](https://twitter.com/limewire/status/1517107759464030210) in a private token sale. Stripe will roll out [USDC support](https://www.coindesk.com/business/2022/04/21/stripe-taps-polygon-to-allow-customers-to-make-payments-in-usdc/) on Polygon and MATIC still doesn’t pump. Something’s backwards here.

That’s it for this week, enjoy the weekend 🥃

---

*Originally published on [0xKΞRM4](https://paragraph.com/@0xk-rm4/week-in-crypto-drama-6)*