In Brief:
- Venus project prevented the hostile takeover.
- Team Bravo attempted to gain authority over voting and finance.
Venus Protocol, which runs on the Binance smart chain, prevented a hostile takeover. The attackers attempted to steal $3.7 million XVS funds using a proposal in the protocol. Fortunately, the Venus team was able to stop the attack using the Governance guardian.
The attack was carried out by Team Bravo in VIP42. The attacker was attempting to gain control of the protocol through bribery, putting Venus’ security and stability in jeopardy. They wanted to put an end to it, and they were asking for input and suggestions on how to strengthen their current security procedures.
The new proposal was passed yesterday that gave a new team separation from the project’s original team, voting and financial authority.
Team Bravo is the group behind the idea, and said its goal was to “raise and keep a high XVS price for its investors.” In VIP42 team bravo proposed the following grant:
- 300k+600k to create and pass proposal
- 1.9M vested linearly, allocated over 5 yrs for funding Bravo strategic & development plan.
- 900K to be distributed to addresses which voted Yes. Expected REWARD: from 50% to 60% distributed over 10 months (minimum vote of 100 xvs to qualify)
With 1.29 million votes in favour and 1.19 million votes against, the proposal was approved. There were 16 votes in favour and 39 votes against it. Further, the proposal requested funding in the amount of 1.9 million venus tokens (XVS) ($60.8 million), which would be distributed over five years. It also offered token holders incentives to support it, guaranteeing 900,000 XVS ($29 million) to “YES” votes.
However, the ‘Venus Deployer’ address cancelled the proposal immediately after it was passed, demonstrating that whoever is behind the address has complete influence over the protocol’s governance process.
Earlier today the Miso front end of Sushiswap was attacked and it lost 868.4 ETH, which is approximately $3 million in the process. However, the hacker has recently returned all the ETH back.
About Venus Protocol:
Venus is an algorithm-based platform that aims to empower the Binance Smart Chain with decentralised finance-based lending and credit system capacity. Venus helps in bridging the gap between traditional financial lending and decentralized protocols on top of blockchains.
