Security· ★★★· bearish·

Governance attack drains roughly $1M of collateral from Hifi Finance

  • —Four votes cast near the end of a ballot were enough to pass the malicious proposal
  • —25 million HIFI minted, about 17.6% of supply, against $8,255 in daily trading volume
  • —The drained collateral was mostly RWA tokens, which are easier to convert to cash
  • —Third governance attack in six days, after X100 and Yapeswap
Why it matters: The exploit needed no code flaw: open DAO voting rules with no timelock put collateral across lending protocols at risk.
#HIFI
Source: CryptoTicker
More on this
Security · Oct 23
Arkadiko governance attack drains most vault collateral on Stacks, USDA depegs
 Security · Oct 26
BloomTrading bot users lose nearly $1M as wallets drained of 9,408 SOL
 Security · Oct 24
X100 exploit drains $4.85 million USDT after governance takeover