Hackers target a protocol built on the “Terra” blockchain to steal $30 million
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Answer Hackers target a protocol built on the “Terra” blockchain to steal $30 million
Cyber attacks and security threats continue towards crypto and blockchain projects, especially those that find popularity and an increase in the value of their digital currency.
Recently, the Terra blockchain’s synthetic asset protocol was subjected to a “governance attack”.
The hackers looked to steal $30 million worth of MIR through the initiated Proposition 185, which was disguised as a request for cooperation with the Solana network.
According to the description of the proposal that was created to allow cooperation with the “Solana” ecosystem with a decentralized platform, the cooperation stipulated that the recipient address must have received 15 million MIR.
According to the screenshots shared by the Twitter account,The BlockchainMore than 1.78 MIRs were sent in favor of the proposal, while 2.3 million MIRs were sent to a ‘No’ address that would reject the proposal.
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So, most likely, the governance attack will fail and the money will not be sent to the fraudster’s wallet.
The money spent on voting will also be transferred to the users.
Simply put, this fraudster has put together a proposal that requires participation
Governance Attacks:
Blockchains and projects with a governance mechanism implemented often become victims of governance attacks that aim to drain project funding portfolios or even steal funds from users directly, depending on the function of the mechanism.
With the help of various large wallets and escrows, hackers or scammers can generate votes with fake addresses that will receive cryptocurrencies for financing in order to implement the proposal.
But instead of spending money on realizing the proposal, scammers sell assets on decentralized exchanges and disappear.
This fraud scheme is implemented by sending money to the address of the option “Yes”.
Since most protocols send users’ money to their wallets, scammers are able to drain wallets of funds without spending even the smallest part of their initial collateral.
This poses an explicit threat to projects that use a similar system of governance.
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