Twister Money Attackers Give up Governance Privileges After Stealing $1.5 Million

Though the hack didn’t instantly injury the protocol, the hacker nonetheless controls lots of the DAO’s funds. CertiK Ronghui Gu, the co-founder of a blockchain safety and auditing agency, warns that Twister Money may fall into disrepair and never additional develop.

Any such hack is changing into more and more frequent, and Gu means that DAOs ought to have third-party audits of their code to forestall hostile takeovers. Nonetheless, auditing each proposal slows down voting and implementation, making it costly.

The hacker’s proposal to place every little thing again the best way an awesome majority suspiciously handed on Friday, in keeping with Fortune, and now any member of the DAO can implement it throughout the subsequent two days, returning management to the group and reverting most modifications. Nonetheless, over $1 million was plundered from the governance system throughout the hacker’s week in management. The hacker already drained a good portion of the DAO’s funds, so it’s unclear whether or not they care concerning the precise governance system or will return any stolen tokens.

Curiously, the exploiter’s bid to present again management is uncommon however not unprecedented. Previously, hackers have been satisfied to present again a good portion of stolen funds if they will preserve a minimize. In March, a hacker returned greater than $1 million to Tender.fi and stored a $97,000 bounty. In one other case earlier this 12 months, a staff of legislation enforcement figures and attorneys pressured a Russian hacker to return $200 million to Euler Finance.

After plummeting 50% to $3.60 following the hack, TORN has rebounded a bit and was buying and selling at $4.1 on the time of writing, in keeping with CoinMarketCap. Nonetheless, the token continues to be down nearly 3% over the previous 24 hours as buyers weigh the governance system’s unsure future.

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