Hifi Finance: Hifi DAO hit by governance attack; team estimates losses of about $20,000 and urges users to withdraw collateral immediately
Hifi Finance disclosed that Hifi DAO suffered a governance takeover attack, and HIFI token holders have effectively lost control of the protocol, governance smart contract, and HIFI token supply. The team urged all users with collateral deposited in Hifi Protocol to withdraw it immediately, and specifically asked the controllers of two relevant addresses to withdraw their WETH from the protocol. Hifi Finance said the core team failed to detect and prevent the governance attack in time and takes full responsibility. The team has taken steps to significantly limit the impact of the attack. The final losses have not yet been determined, but are preliminarily estimated at about $20,000. The DAO has sufficient funds to compensate everyone affected, and its own liquidity has been permanently withdrawn from decentralized trading platforms. In addition, all outstanding debt backed by RWA collateral will be managed directly by the core team rather than processed through the compromised smart contract. The debt remains adequately capitalized and is expected to be repaid in full by its originally scheduled maturity date of March 26, 2027. The protocol will issue no new debt. The team said it will publish a full investigation report at a later date.
Hifi Finance disclosed that Hifi DAO suffered a governance takeover attack, and HIFI token holders have effectively lost control of the protocol, governance smart contract, and HIFI token supply. The team urged all users with collateral deposited in Hifi Protocol to withdraw it immediately, and specifically asked the controllers of two relevant addresses to withdraw their WETH from the protocol. Hifi Finance said the core team failed to detect and prevent the governance attack in time and takes full responsibility. The team has taken steps to significantly limit the impact of the attack. The final losses have not yet been determined, but are preliminarily estimated at about $20,000. The DAO has sufficient funds to compensate everyone affected, and its own liquidity has been permanently withdrawn from decentralized trading platforms. In addition, all outstanding debt backed by RWA collateral will be managed directly by the core team rather than processed through the compromised smart contract. The debt remains adequately capitalized and is expected to be repaid in full by its originally scheduled maturity date of March 26, 2027. The protocol will issue no new debt. The team said it will publish a full investigation report at a later date.