BarnBridge

4 months agoNews Editor

BlockSec says BarnBridge may have suffered governance attack, with about $776,000 lost

BlockSec said Ethereum-based DeFi protocol BarnBridge may have been hit by a governance attack involving its SMART Yield (cUSDC) product. According to BlockSec’s monitoring, the attacker allegedly seized DAO control, upgraded the protocol with a malicious contract, and abused existing user approvals. Estimated losses were about $776,000. The disclosure was made through the source link provided in the input. No additional details on recovery, response measures, or affected user count were included in the source material.

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BarnBridge

4 months agoNews Editor

BarnBridge SMART Yield exploit on Ethereum caused about $776,000 in losses

BlockSec Phalcon said BarnBridge SMART Yield (cUSDC) was attacked on Ethereum, with losses estimated at about $776,000. The monitoring data points to a suspected governance attack. According to the alert, the attacker first obtained DAO governance permissions, then upgraded the SmartYield/controller proxy to a malicious implementation contract. That contract later called CompoundProvider’s privileged _takeUnderlying function. BlockSec Phalcon said the attacker then used pre-existing USDC approvals from 50 user accounts and moved the pooled funds through transferFees. The incident centers on governance access, proxy upgrade control, and privileged contract execution inside the protocol’s architecture.

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BarnBridge

4 months agoNews Editor

BarnBridge Smart Yield old governance proposals flagged for token approval risk, Proposal 15 set for July 16

Odaily reported that BarnBridge Smart Yield’s older governance Proposals 14 and 15 carry token approval risk. If either proposal were executed or upgraded maliciously, existing token approvals could be put at risk. There is currently no confirmation that any funds have been taken. Users are being urged to review and revoke relevant approvals on Ethereum as soon as possible. Proposal 14 is in its executable grace period, while Proposal 15 has already been queued, with an on-chain execution time estimated at July 16, 09:23:58 UTC. Tokens listed as affected include USDC, DAI, USDT, GUSD, and RAI. The notice also warned users to rely only on trusted approval management tools, avoid links posted in replies or accounts claiming to offer support, and not send funds or sign transfers to any address.

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Blockaid

4 months agoNews Editor

Blockaid warns BarnBridge legacy proposals may expose token approvals

Blockaid has issued a community alert over legacy governance proposals #14 and #15 tied to BarnBridge Smart Yield, saying they carry token approval risk. The security firm said existing approvals could be put at risk if the proposals are executed maliciously or upgraded. No loss of funds has been confirmed so far, but users were urged to review and revoke related approvals on Ethereum as soon as possible. Proposal #14 is now in its executable grace period, while proposal #15 has been queued and is expected to execute on-chain at 09:23:58 UTC on July 16. Tokens named in the alert include USDC, DAI, USDT, GUSD and RAI, with the relevant contract addresses already disclosed. Blockaid also warned users not to trust links in replies or accounts claiming to offer support, and said revocations should only be carried out through trusted approval management tools.

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Bit.Fan