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What will happen to the goldCOMP treasury funds after Proposal 289 by December 31, 2024?
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Compound Finance governance records and on-chain transactions
Story
Compound Finance Faces Governance Attack as Proposal 289 Passes, Moving 499,000 COMP
Jul 28, 2024, 10:21 PM
Compound Finance recently experienced a governance attack where a proposal to transfer $25 million worth of COMP tokens was passed. The proposal, known as Proposal 289, was pushed through by a group called the 'Golden Boys' who accumulated 682,000 COMP tokens to secure the vote. The proposal moved 499,000 COMP to the goldCOMP treasury. This incident has raised concerns about the centralization of power within the DAO and the vulnerability of on-chain governance systems to such attacks. The community is now divided, with Proposal 290 seeking to transfer the Timelock Admin to CommunityMultiSig as a countermeasure. The attack was orchestrated by an individual known as Humpy, who has a history of similar attacks, including one on Balancer in 2022. Delegate tokens for the proposal came out of ByBit.
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