Binance blocks DAO governance attack less than 48 hours before execution, involving around $1.2 million in vault tokens

Comparing the news, Binance said that its monitoring team discovered a malicious governance proposal against an unnamed decentralized autonomous organization (DAO) involving a risk of approximately $1.2 million in treasury tokens, less than 48 hours before execution. Binance contacted the project and coordinated with centralized exchanges that listed the relevant tokens to close the deposit; the project then voted against the proposal and blocked its implementation. Binance did not disclose the name of the project and token.

The proposal takes advantage of the low proposal threshold of the project chain governance mechanism. BonkDAO confirmed in July of this year that a malicious proposal had transferred approximately $20 million in BONK tokens from its treasury, and the attackers authorized the transfer by accumulating sufficient voting rights.