Binance’s security team independently identified a malicious governance proposal targeting a project’s decentralized autonomous organization, according to ChainCatcher. The proposal could have exposed roughly $1.2 million in treasury tokens to risk.
Less than 48 hours before the proposal was due to be executed, Binance alerted the project team and urged a vote against it. The exchange also coordinated with relevant centralized exchanges to suspend deposits of the affected token in an effort to reduce the risk of potential fund transfers.
The proposal was ultimately rejected. The attack was not carried out, and no funds were lost. The report did not name the project involved.
Binance’s security team independently discovered a malicious governance proposal targeting a project’s decentralized autonomous organization, according to ChainCatcher. The proposal could have put about $1.2 million in treasury tokens at risk.
Less than 48 hours before the proposal was set to be executed, Binance notified the project team and called for a vote against it. It also coordinated with relevant centralized exchanges to suspend deposits of the affected token to reduce the risk of potential fund transfers.
The proposal was eventually rejected. The attack was not executed, and no funds were lost.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
