Yam Finance, one of the early DeFi projects, was the target of a governance attack from a third party, in order to take control of the project.
According to a preliminary report from Yam DAO. This attack plot started on July 7 but was discovered after 2 days. The attacker proposed the change through a few internal transactions, making it difficult for many community members to detect.
The attack proposal above includes an unverified contract designed to transfer the management of Yam’s reserves to the attacker’s wallet. Accordingly, the Yam Finance team discovered it right before the other proposal met the requirements for approval.
If the above attack is successful, Yam Finance’s reserve fund may be depleted. According to data from DeepDAO, the reserve fund stores about $3.1 million in assets.
The team said that a similar attack was carried out in December 2021. This attack intent took place at the same time that Yam DAO was having many voting proposals related to the treasury fund. One of the controversial proposals is the proposal to allow the treasury fund to withdraw at a certain rate.
While the initial snapshot vote has passed, by a margin of 54%, the proposal is being asked for a return vote.
Yam Finance is one of the early DeFi projects, which exploded in the summer of 2020. Starting with positioning as a stablecoin project, Yam has grown to become a DeFi Hub, despite many challenges in the early period.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
Author
DeFi
Yam Finance Prevents Governance Attack
Yam Finance, one of the early DeFi projects, was the target of a governance attack from a third party, in order to take control of the project.
According to a preliminary report from Yam DAO. This attack plot started on July 7 but was discovered after 2 days. The attacker proposed the change through a few internal transactions, making it difficult for many community members to detect.
The attack proposal above includes an unverified contract designed to transfer the management of Yam’s reserves to the attacker’s wallet. Accordingly, the Yam Finance team discovered it right before the other proposal met the requirements for approval.
If the above attack is successful, Yam Finance’s reserve fund may be depleted. According to data from DeepDAO, the reserve fund stores about $3.1 million in assets.
The team said that a similar attack was carried out in December 2021. This attack intent took place at the same time that Yam DAO was having many voting proposals related to the treasury fund. One of the controversial proposals is the proposal to allow the treasury fund to withdraw at a certain rate.
While the initial snapshot vote has passed, by a margin of 54%, the proposal is being asked for a return vote.
Yam Finance is one of the early DeFi projects, which exploded in the summer of 2020. Starting with positioning as a stablecoin project, Yam has grown to become a DeFi Hub, despite many challenges in the early period.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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