issued by Yam DAO, the attack was launched on July 7, but detected two days later. The attacker submitted a governance proposal via internal transactions, making it difficult for community members to notice.
This malicious governance proposal included an unverified contract designed to transfer control of Yam’s reserves to a wallet address controlled by the attacker. The rogue actor was initially able to achieve a quorum for the proposal that was in danger of being passed before it was stopped by the Yam Finance team.
If the attack had succeeded, it would have been able to drain the Yam Finance treasury, which currently holds $3.1 million worth of crypto assets, according toSaturday’s attack came amid another governance tussle within the Yam ecosystem, also related to the project’s treasury. The issue was another disputed governance vote — this time, a snapshotWhile the initial snapshot vote passed with more than a 54% majority, there are now calls for the process to be redone.
a new proposal for a re-vote, claiming that the original process did not go through the usual governance procedures.
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