Stake Steak, a DeFi protocol that aims to keep the fUSD and USDC stablecoins pegged, has been hacked, crashing the protocol's STEAK reward token by 93 percent. Hackers created STEAK tokens and devalued liquidity provider tokens for the STEAK-FTM liquidity pool, as well as stealing funds from several developer wallets. If the smart contracts' private keys are compromised, the token will not be able to recover until a new contract is deployed.