I understand this recent exploit is for a stablecoin protocol. But the same lessons can be applied to a synthetics protocol as well. As a community let’s not make hastily rushed and irresponsible governance decisions simply for the sake of short term profits.
This is a good point, although as I understand the structure of the iAssetts maybe this specific attack method is not such a risk here? Neverthless, is there any information anywhere about vulnerabilities faced by Indigo and how they are addressed? This should be a priority and in my view any protocol that doesn’t address these risks headon is pretty much worthless.
Voting a proposal in should be not only the % of tokens but also a % of the total number of token owners. Although there are still vulnerabilities at least this may help to reduce them. Any other ideas?
We need to be careful
Thanks for bringing this up. It’s important to be diligent about such issues.
Based on Indigo Protocol’s design and thanks to Cardano this particular type of exploit wouldn’t be possible.
Wow, that is clever but awful.
Hopefully there will be some kind of safeguard in place to attempt to mitigate this situation in the future.
For me, maybe am answer would be that new tokens only couny in a governance vote after 7 days of ownership?
Flash loans has been a great area for concern as far as hacks are concerned.
As per the latest Chainalysis report of Crypto scams, this area has a large pie of total hacka on DEFI protocols.
This makes my nervous evwey time I lovk my funds in a protocol
Yea, thanks for alert us to this.
How horrible for all involved. Hopefully, it will serve as a lesson to other projects going forward and a catalyst for improving security and proactively shutting out bad actors in the space. Potential future exploits will be averted by having the necessary security protocols in place.
Exploit can happen in manny different ways