Compound DAO asleep at the wheel as $25M governance ‘attack’ passes
In what some have branded a ‘ governance attack ,’ controversial Proposal 289 passed a Compound Finance DAO vote yesterday, with a margin of 52% to 48%. The proposal grants 499,000 COMP tokens, worth $25 million at the time, to be sent to a goldCOMP vault created by a group known as the ‘Golden Boys.’ The price of COMP has dropped over 6% in the past 24 hours, according to data from CoinMarketCap. Potential governance attack on Compound seems to have passed.https://t.co/Uz2rteKvi6 — Michael Bentley (@euler_mab) July 28, 2024 Read more: Compound Finance and Celer Network websites compromised in ‘front-end’ attacks Compound is one of the longest-established lending platforms in the decentralized finance (DeFi) sector. Any decision about the running of the protocol must be made via on-chain governance, with votes being cast by owners of COMP tokens proportional to their holdings. While the proposal purports to be “an exciting new strategy designed to provide COMP hold...