Build Finance DAO Suffered Governance Takeover Attack and Lost $470,000

Build Finance DAO Got Attacked

On February 14, Build Finance DAO announced that it suffer a governance takeover attack and lost around $470,000 in funds.

An anonymous person was able to utilize a huge number of tokens to vote through a proposal that granted them complete power over the DAO’s treasury and the capacity to create tokens.

“As things stand, the attacker has full control of the governance contract, minting keys and treasury. The DAO no longer has control over any part of the key infrastructure,” said Urbane Grandier, a member of Build Finance’s core team, in its Discord server. 

“It is with deep regret that we have to inform the community of this total and irrecoverable loss of BUILD DAO treasury assets through the deeds of one malicious actor,” the project team added.

The attacker then minted and sold a variety of tokens by leveraging smart contracts and draining funds from liquidity pools on DeFi platforms like Balancer and Uniswap.

Despite the fact that numerous tokens were taken and minted, the attacker is believed to have gained nearly 160 ETH ($470,000) in total.

Build Finance has now issued warnings to users not to purchase BUILD tokens on any platform. According to the project team, the attacker is not cooperating with the project and is not returning funds.

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