{"id":562542,"date":"2024-11-26T17:16:17","date_gmt":"2024-11-26T17:16:17","guid":{"rendered":"https:\/\/wncen.com\/?p=562542"},"modified":"2025-06-11T07:54:19","modified_gmt":"2025-06-11T07:54:19","slug":"how-indexed-finance-foiled-two-treasury-hijack-attempts-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/how-indexed-finance-foiled-two-treasury-hijack-attempts-details\/","title":{"rendered":"How Indexed Finance Foiled Two Treasury Hijack Attempts &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO\u2019s treasury. <\/span><span style=\"font-weight: 400;\">Following this development, the project\u2019s founders will now re-assume control from the DAO.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a<a href=\"https:\/\/x.com\/functi0nZer0\/status\/08345976?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> thread on X on Saturday<\/a>, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project\u2019s DAO, which is currently valued at\u00a0 $120,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Day, both attackers purchased a high amount of Indexed\u2019s native token &#8211; NDX and attempted to assume control of the protocol\u2019s treasury via malicious proposals. <\/span><span style=\"font-weight: 400;\">The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Okay so here&#39;s what just happened to the Indexed DAO<\/p>\n<p>The wreckage can be seen in the Tally panel below<\/p>\n<p>This is a long thread, but I want to record it somewhere <a href=\"https:\/\/t.co\/wRTRZZcwhm\" rel=\"nofollow\">pic.twitter.com\/wRTRZZcwhm<\/a><\/p>\n<p>&mdash; laurence (@functi0nZer0) <a href=\"https:\/\/twitter.com\/functi0nZer0\/status\/54903622?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/huobi-ht\/htx-recommence-operations-after-temporary-halt-due-to-hack\/\" target=\"_blank\" rel=\"noopener \">HTX Recommence Operations After Temporary Halt Due to Hack<\/a><\/p>\n<h2><strong>Indexed Finance Anticipates Second Attack, Emerges Victorious Again<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed &#8211; proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury.\u00a0<\/span><span style=\"font-weight: 400;\">However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hijacker eventually accepted Kellar\u2019s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/crypto-exchange-hackers-159000\/\" target=\"_blank\" rel=\"noopener \">Time For Self-Custody? Crypto Exchange Reveals Hackers Tried To Gain Access 159,000 Times<\/a><\/div>\n<h2><strong>Indexed Finance DAO Hands Over Treasury Control To Founders<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Following the multiple hijack attempts,\u00a0 the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a \u2154 multi-sig system.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, NDX<a href=\"https:\/\/coinmarketcap.com\/currencies\/indexed-finance\/\" target=\"_blank\" rel=\"noopener nofollow\"> trades<\/a> at $0.00823, with a 24.15% decline on the last day. In tandem, the token\u2019s daily trading volume is also down by 44.35% and valued at $2,347.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/tk5fE8p6\/\" alt=\"Indexed\" width=\"1479\" height=\"893\"><\/p>\n<pre style=\"text-align: center;\">Total crypto market valued at $1.398 trillion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">TOTAL chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from\u00a0 Hacked.com,\u00a0 chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO\u2019s treasury. Following this development, the project\u2019s founders will now re-assume control from the DAO. In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project\u2019s DAO, which is currently valued at\u00a0 $120,000. According to Day, both attackers purchased a high amount of Indexed\u2019s native token &#8211; NDX and attempted to assume control of the protocol\u2019s treasury via malicious proposals. The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting.\u00a0 However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt. Related Reading: HTX Recommence Operations After Temporary Halt Due to Hack Indexed Finance Anticipates Second Attack, Emerges Victorious Again Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury. Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack. As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed &#8211; proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution. During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury.\u00a0However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury. The hijacker eventually accepted Kellar\u2019s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt. Related Reading: Time For Self-Custody? Crypto Exchange Reveals Hackers Tried To Gain Access 159,000 Times Indexed Finance DAO Hands Over Treasury Control To Founders Following the multiple hijack attempts,\u00a0 the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a \u2154 multi-sig system.\u00a0 At the time of writing, NDX trades at $0.00823, with a 24.15% decline on the last day. In tandem, the token\u2019s daily trading volume is also down by 44.35% and valued at $2,347. Total crypto market valued at $1.398 trillion on the daily chart | Source: TOTAL chart on Tradingview.com Featured image from\u00a0 Hacked.com,\u00a0 chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":562543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[90441,90440,90439,90442],"class_list":["post-562542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-dao-treasury","tag-hijack","tag-indexed-finance","tag-poison-pill"],"acf":[],"yoast_head":"\n<title>How Indexed Finance Foiled Two Treasury Hijack Attempts - Details<\/title>\n<meta name=\"description\" content=\"In an interesting line of events, Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO\u2019s treasury.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/defi\/how-indexed-finance-foiled-two-treasury-hijack-attempts-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Indexed Finance Foiled Two Treasury Hijack Attempts - Details\" \/>\n<meta property=\"og:description\" content=\"In an interesting line of events, Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO\u2019s treasury.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/defi\/how-indexed-finance-foiled-two-treasury-hijack-attempts-details\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-26T17:16:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-11T07:54:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/a-hacker.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"976\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/defi\/how-indexed-finance-foiled-two-treasury-hijack-attempts-details\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/defi\/how-indexed-finance-foiled-two-treasury-hijack-attempts-details\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"How Indexed Finance Foiled Two Treasury Hijack Attempts &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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