You really do see everything these days! Just 4 votes at the last minute, and the entire lending protocol was taken over 😂
A DeFi lending project called Hifi was attacked on-chain last night. Someone first moved funds out of a mixer, then slipped in 4 votes just before the voting deadline and seized governance control. Right after taking over, they minted 25 million governance tokens and swept up all the collateral users had put into the protocol. The amount on the books was around $1 million, most of it in RWA assets.
The contract code wasn’t breached—the voting power was bought. Just 4 votes could decide what happens to someone else’s principal. This kind of thing is enough to make anyone who’s deposited money there nervous. On-chain governance can sometimes be more fragile than the code itself. Having your money sitting in a vault doesn’t mean it’s safe; if the voting rules are lax, the vault might as well have its door wide open.
Beginners should do more research and less trading. If you’re buying crypto, stick to $BTC
A DeFi lending project called Hifi was attacked on-chain last night. Someone first moved funds out of a mixer, then slipped in 4 votes just before the voting deadline and seized governance control. Right after taking over, they minted 25 million governance tokens and swept up all the collateral users had put into the protocol. The amount on the books was around $1 million, most of it in RWA assets.
The contract code wasn’t breached—the voting power was bought. Just 4 votes could decide what happens to someone else’s principal. This kind of thing is enough to make anyone who’s deposited money there nervous. On-chain governance can sometimes be more fragile than the code itself. Having your money sitting in a vault doesn’t mean it’s safe; if the voting rules are lax, the vault might as well have its door wide open.
Beginners should do more research and less trading. If you’re buying crypto, stick to $BTC
