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The Guardian - UK
The Guardian - UK
Technology
Alex Hern UK technology editor

Beanstalk cryptocurrency loses $182m of reserves in flash ‘attack’

Prices of cryptocurrencies shown on exchange screens in Seoul, South Korea.
Prices of cryptocurrencies shown on exchange screens in Seoul, South Korea. Photograph: Yonhap/EPA

The Beanstalk cryptocurrency has been stripped of reserves valued at more than $180m (£138m) in seconds, after an attacker used borrowed money to snap up enough voting rights to transfer the money away.

The lightning hostile takeover raises fresh questions about the unregulated nature of digital currencies and the lack of protections for investors.

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