Indexed Finance Successfully Thwarts Dual Hijack Attempt
Indexed Finance, a DeFi project built on Ethereum, recently faced and overcame two hijack attempts on its protocol DAO’s treasury. The founders of the project will now regain control from the DAO.
Failed Hijack Attempts Targeted DAO Treasury
A former executive at Indexed Finance shared details about the failed hijack attempts. Both attackers purchased a large amount of Indexed’s native token (NDX) and tried to assume control of the treasury through malicious proposals. The first proposal almost gained approval within an hour but was thwarted by community members voting against it.
Indexed Finance Anticipates Second Attack
Due to the attention garnered by the incident, the Indexed DAO anticipated another attack. As a precaution, they passed a proposal granting them the authority to burn assets in the treasury if necessary to halt an attack.
Second Hijacker Succeeds but Foiled
Another hijacker successfully passed a proposal to take control of the treasury. However, before execution, Indexed Co-founder Dillon Kellar offered the hijacker $10,000 DAI in exchange for canceling the proposal or risk burning all the assets. The hijacker accepted, foiling the second hijack attempt.
Treasury Control Handed Over to Founders
Following the hijack attempts, control of the Indexed Finance DAO’s treasury has been transferred to Laurence Day, Kellar, and an individual known as PR0. They will manage it using a multi-sig system.
Hot Take: Indexed Finance Successfully Defends Its Treasury Against Dual Hijack Attempts
The DeFi project Indexed Finance demonstrated resilience and quick action when faced with two hijack attempts on its treasury. By rallying the community and implementing precautionary measures, they successfully thwarted both attacks. The founders have now taken control of the treasury to ensure its security going forward. This incident highlights the importance of a vigilant community and proactive measures in safeguarding decentralized protocols against malicious actors.
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