YAM Finance is facing a governance takeover attempt, according to monitoring by Defimon. The attacker self-delegated about 504,000 YAM, equal to roughly 3.3% of total supply and slightly above the required proposal threshold, then submitted proposal No. 45 to YamGovernorAlpha. The proposal contains no description and only calls the YAM Timelock contract’s setPendingAdmin function, assigning the role to the attacker’s address. If the proposal passes and is executed, the attacker would become pendingAdmin and could later call acceptAdmin to take full control of the Timelock. That would give the attacker administrative control over all YAM protocol contracts and the DAO treasury. Defimon Alerts said the amount at risk is about $337,000. Because the YAM protocol is currently dormant, YAM holders were urged to vote against the proposal before block height 25897343, which was estimated to be about 34 hours away.
YAM Finance has been targeted in a governance takeover attempt, according to Defimon monitoring.
The attacker self-delegated about 504,000 YAM, or roughly 3.3% of total supply, which was slightly above the formal proposal threshold. The attacker then submitted proposal No. 45 to YamGovernorAlpha.
The proposal has an empty description. Its only action is a call to the YAM Timelock contract’s setPendingAdmin method, pointing the permission to the attacker’s address.
If the proposal passes and is executed, the attacker would become pendingAdmin. The attacker could then use acceptAdmin to take full control of the Timelock, which would in turn provide administrative control over all YAM protocol contracts and the DAO treasury. Defimon Alerts said the amount at risk is about $337,000.
Because the YAM protocol is currently dormant, Defimon Alerts urged YAM holders to vote against the proposal before block height 25897343. The alert said that block was estimated to be about 34 hours away.
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