{"id":632155,"date":"2024-07-30T06:00:31","date_gmt":"2024-07-30T06:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=632155"},"modified":"2024-07-30T02:12:27","modified_gmt":"2024-07-30T02:12:27","slug":"25-million-drained-from-compound-comp-treasury-in-latest-governance-exploit-incident","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/25-million-drained-from-compound-comp-treasury-in-latest-governance-exploit-incident\/","title":{"rendered":"$25 Million Drained From Compound (COMP) Treasury In Latest Governance Exploit Incident"},"content":{"rendered":"

The Compound Finance (COMP) treasury has been drained of $25 million in a recent governance attack, raising alarms about the state of decentralized governance in the <\/span>decentralized finance<\/span><\/a> (DeFi) ecosystem.<\/span><\/p>\n

Compound DAO Hijacked<\/span><\/h2>\n

According <\/span><\/a>to researcher DeFi Ignas, the attack began with an initial proposal to grant 92,000 COMP tokens, submitted without prior discussion on the Compound DAO forum.\u00a0<\/span><\/p>\n

Despite \u201cglaring red flags\u201d\u00a0 identified by the project’s security advisor, Michael Lewellen, the warning received minimal engagement from the community, with only a few voices, such as MonetSupply and Wintermute, raising <\/span>concerns<\/span><\/a>.<\/span><\/p>\n

Related Reading: Shiba Inu\u2019s NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible?<\/a><\/div>\n

But the story took an even more troubling turn when Humpy returned with a third proposal, this time requesting 499,000 COMP tokens – a 5.4x increase from the initial 92,000. Interestingly, this proposal sailed through, with only 57 addresses casting their votes.<\/span><\/p>\n

Who Is Humpy, And How Did He Amass Such Outsized Influence?\u00a0<\/span><\/h2>\n

According <\/span><\/a>to DeFi researcher StableScarab, Humpy is a major player across multiple DeFi protocols, adeptly exploiting incentive designs to accumulate vast amounts of governance tokens. His tactics allowed him to gain significant control over Balancer, an Ethereum-based automated market maker in 2022, and now he has set his sights on Compound.<\/span><\/p>\n

The researcher highlights that this incident unveils a critical issue in DeFi governance: \u201cthe illusion of decentralization.\u201d\u00a0<\/span><\/p>\n

While Compound<\/span> decentralized autonomous organization <\/span><\/a>(DAO) is touted as a decentralized decision-making body, the reality, in the words of StableScarab, is that a mere 20 addresses typically participate in governance votes.\u00a0<\/span><\/p>\n

The researchers claim that even when contentious proposals are put forth, the broader community remains largely indifferent, seemingly unaware or unconcerned with the implications.<\/span><\/p>\n

Related Reading: Bitcoin Bull Cycle Likely To Go On Till Mid-2025: CryptoQuant CEO<\/a><\/div>\n

Moreover, the Compound team itself appears disengaged, with the official @compoundfinance X account going silent at the time of writing, hours after the incident.\u00a0<\/span><\/p>\n

This raises questions about the true nature of the protocol’s <\/span>governance structure<\/span><\/a>, as it seems Gauntlet, a paid advisor, effectively runs the DAO. StableScrab further noted:<\/span><\/p>\n

Humpy’s influence goes beyond governance. He has his own token, @Gold_On_Chain, for his ‘Golden Boys’ community. After today’s Compound event, $GOLD’s value doubled as speculators bet on Humpy’s ability to continue finding “highly profitable” governance\/farming strategies.<\/span><\/p><\/blockquote>\n

\"Compound\"
The 1D chart shows COMP’s extended price downtrend over the past months. Source: COMPUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

On the other hand, the Compound’s native token COMP has retraced over 1% in the last 24 hours and over 7% in the past week alone in the wake of the latest deemed governance exploit.\u00a0<\/span><\/p>\n

Additionally, this has further exacerbated the token’s ongoing downtrend since the 2021 bull run, which saw the token hit an all-time high of $910 in May of that year, and is currently down nearly 95% from that level.\u00a0<\/span><\/p>\n

It remains to be seen what communications the Compound team will issue to investors and what other findings will come to light in the wake of the exploit.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Compound Finance (COMP) treasury has been drained of $25 million in a recent governance attack, raising alarms about the state of decentralized governance in the decentralized finance (DeFi) ecosystem. Compound DAO Hijacked According to researcher DeFi Ignas, the attack began with an initial proposal to grant 92,000 COMP tokens, submitted without prior discussion on the Compound DAO forum.\u00a0 Despite \u201cglaring red flags\u201d\u00a0 identified by the project’s security advisor, Michael Lewellen, the warning received minimal engagement from the community, with only a few voices, such as MonetSupply and Wintermute, raising concerns. Related Reading: Shiba Inu\u2019s NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible? But the story took an even more troubling turn when Humpy returned with a third proposal, this time requesting 499,000 COMP tokens – a 5.4x increase from the initial 92,000. Interestingly, this proposal sailed through, with only 57 addresses casting their votes. Who Is Humpy, And How Did He Amass Such Outsized Influence?\u00a0 According to DeFi researcher StableScarab, Humpy is a major player across multiple DeFi protocols, adeptly exploiting incentive designs to accumulate vast amounts of governance tokens. His tactics allowed him to gain significant control over Balancer, an Ethereum-based automated market maker in 2022, and now he has set his sights on Compound. The researcher highlights that this incident unveils a critical issue in DeFi governance: \u201cthe illusion of decentralization.\u201d\u00a0 While Compound decentralized autonomous organization (DAO) is touted as a decentralized decision-making body, the reality, in the words of StableScarab, is that a mere 20 addresses typically participate in governance votes.\u00a0 The researchers claim that even when contentious proposals are put forth, the broader community remains largely indifferent, seemingly unaware or unconcerned with the implications. Related Reading: Bitcoin Bull Cycle Likely To Go On Till Mid-2025: CryptoQuant CEO Moreover, the Compound team itself appears disengaged, with the official @compoundfinance X account going silent at the time of writing, hours after the incident.\u00a0 This raises questions about the true nature of the protocol’s governance structure, as it seems Gauntlet, a paid advisor, effectively runs the DAO. StableScrab further noted: Humpy’s influence goes beyond governance. He has his own token, @Gold_On_Chain, for his ‘Golden Boys’ community. After today’s Compound event, $GOLD’s value doubled as speculators bet on Humpy’s ability to continue finding “highly profitable” governance\/farming strategies. On the other hand, the Compound’s native token COMP has retraced over 1% in the last 24 hours and over 7% in the past week alone in the wake of the latest deemed governance exploit.\u00a0 Additionally, this has further exacerbated the token’s ongoing downtrend since the 2021 bull run, which saw the token hit an all-time high of $910 in May of that year, and is currently down nearly 95% from that level.\u00a0 It remains to be seen what communications the Compound team will issue to investors and what other findings will come to light in the wake of the exploit. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":627276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[92824,79574,86936,90003,84406,79575,79627,6664,14690,1558,54512],"class_list":["post-632155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-comp-news","tag-compound","tag-compound-comp","tag-compound-defi","tag-compound-finance","tag-compusd","tag-compusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-defi"],"acf":[],"yoast_head":"\n$25 Million Drained From Compound (COMP) Treasury In Latest Governance Exploit Incident<\/title>\n<meta name=\"description\" content=\"The Compound Finance (COMP) treasury has been drained of $25 million in a recent governance attack in the past hours.\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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