One user asked, 'Is this a risk we are willing to take?'
On April 17th, the decentralized finance project Beanstalk Farms was exploited for $182 million after an attacker mounted a lightning-fast hostile takeover, buying a controlling stake of tokens andThe incident sparked discussion around “governance attacks,” a way of manipulating blockchain projects that use decentralized governance structures by gaining enough voting rights to reshape the rules.
The Beanstalk exploit was made possible by another DeFi mechanism known as a “flash loan,” which allows users to borrow large amounts of cryptocurrency for very short periods of time. In the case of the recent hack, the attacker borrowed close to $1 billion in cryptocurrency assets Because of governance attacks, bribes and voter manipulation, governance doesn’t always go as it should. Is this a risk we are willing to take or will there also be an Emergency DAO who can block potential attacks?There’s absolutely ways to mitigate some of this concern in an elegant manner ... As far as I can tell, the current rule-set does not account for flash loan governance attacks or rugpull tokens.
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