How Indexed Finance Foiled Two Treasury Hijack Attempts

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	394,038,188,576	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

394,038,188,576

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	19.60	0.60%	3,294.93	3,294.54	3,294.69

Price Change

Price Change %

Current Price

Bid Price

Offer

19.60

0.60%

3,294.93

3,294.54

3,294.69

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,296.57	3,242.86	3,268.77	3,275.69	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,296.57

3,242.86

3,268.77

3,275.69

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:10:00	0.150000	3,294.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:10:00

0.150000

3,294.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,218,972.75	15,693.22	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

51,218,972.75

15,693.22

How Indexed Finance Foiled Two Treasury Hijack Attempts – Details

26/11/2023 5:16pm

NEWSBTC

In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO’s treasury. Following this development, the project’s founders will now re-assume control from the DAO. In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project’s DAO, which is currently valued at $120,000. According to Day, both attackers purchased a high amount of Indexed’s native token – NDX and attempted to assume control of the protocol’s treasury via malicious proposals. The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting. However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt. Related Reading: HTX Recommence Operations After Temporary Halt Due to Hack Indexed Finance Anticipates Second Attack, Emerges Victorious Again Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury. Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack. As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed – proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution. During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury. However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury. The hijacker eventually accepted Kellar’s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt. Related Reading: Time For Self-Custody? Crypto Exchange Reveals Hackers Tried To Gain Access 159,000 Times Indexed Finance DAO Hands Over Treasury Control To Founders Following the multiple hijack attempts, the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a ⅔ multi-sig system. At the time of writing, NDX trades at $0.00823, with a 24.15% decline on the last day. In tandem, the token’s daily trading volume is also down by 44.35% and valued at $2,347. Total crypto market valued at $1.398 trillion on the daily chart | Source: TOTAL chart on Tradingview.com Featured image from Hacked.com, chart from Tradingview

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