Compound Governance Attack! w Bryan Colligan of Alpha Growth
Leviathan News29 Juli 2024

Compound Governance Attack! w Bryan Colligan of Alpha Growth

In a shocking turn of events, Compound Finance, one of DeFi's pioneering lending protocols, has fallen victim to what many are calling a blatant governance attack. The incident has sent shockwaves through the crypto community, raising serious questions about the vulnerabilities of decentralized autonomous organizations (DAOs) and the apparent apathy plaguing some corners of DeFi. ______________ SPONSORS Leviathan News is thrilled to welcome YieldNest as our sponsor this month! This innovative liquid restaking protocol is making waves in the DeFi space with its flagship product, ynETH. By depositing your ETH at YieldNest.com, you can potentially unlock enhanced yields through exposure to a curated basket of Actively Validated Services (AVSs). Don't let your ETH sit idle – dive into the future of yield optimization at Yield Nesttoday. https://app.yieldnest.finance/restake?ref=4ZYhFKdSh5iZMsGQaVygg59bac9Z ---------------------- Today's Guest Socials: https://x.com/bryancolligan ---------------------- Compound is one of the oldest DeFi protocols, has never experienced a hack, was the pioneer of “liquidity mining” and remains today a major lending facility with over $2bn of deposits across multiple networks. The saga unfolded over the past few days, culminating in the passage of Proposal 289 - a controversial measure that allocates a staggering 499,000 COMP tokens (worth approximately $24 million and representing 5% of the total supply) to an LSD-style liquid locker controlled by a group known as the "Golden Boys." Led by a whale investor going by the handle "Humpy," this group managed to amass enough voting power on the open market to force through their proposal, despite vocal objections from key community members and security advisors. What's particularly alarming about this situation is the brazen escalation of the attackers' demands. An initial proposal for 92,000 COMP tokens was spotted and flagged by Compound's security advisor, Michael Lewellen. Despite Lewellen's warnings, the proposal received minimal attention on the DAO forum. After this first attempt failed, Humpy audaciously increased the requested amount by 5.4x in the successful third proposal. The lack of engagement from the broader Compound community is perhaps the most concerning aspect of this debacle. Only 57 addresses participated in the crucial vote, a pitiful showing for a protocol of Compound's size and importance. This apathy extends beyond this single incident - Compound's governance forums have been eerily quiet, with most proposals originating from a single entity, Gauntlet, which is paid to manage the DAO. This governance attack isn't Humpy's first rodeo. The investor has a history of similar behavior, having been involved in contentious governance struggles with other prominent DeFi protocols like Balancer and SushiSwap. These past incidents make the current situation at Compound all the more inexcusable. The implications of this attack are far-reaching. If a single whale investor can so easily sway the governance of a major DeFi protocol, what's to stop similar or even more damaging proposals in the future? The security of user funds could be at risk if this trend continues unchecked. For now, Compound Finance finds itself at a crossroads. The protocol's reputation has taken a significant hit, and rebuilding trust will be an uphill battle. As for the wider DeFi community, this incident should serve as a wake-up call. The promise of decentralized governance can only be realized if participants remain vigilant and engaged. Otherwise, we may see more instances of brazen governance attacks that undermine the very foundations of DeFi.

Avsnitt(397)

Expanding crvUSD mint markets

Expanding crvUSD mint markets

Llama Risk Team assembles and discusses the expansion of crvUSD mint markets. https://x.com/LlamaRisk Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

1 Dec 20241h 20min

So, Really, How Decentralized Is Your Project?! DeFi Scan By The DeFi Collective

So, Really, How Decentralized Is Your Project?! DeFi Scan By The DeFi Collective

We are joined by the great TokenBrice to learn about the new product by The DeFi Collective - DeFi Scan! https://x.com/defiscan_info https://x.com/DeFiCollective_ https://x.com/TokenBrice Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

27 Nov 20241h 10min

Should Perps and Stablecoin start Noticing f(x) Protocol V2?

Should Perps and Stablecoin start Noticing f(x) Protocol V2?

On this episode - Cryptovestor and Cyrille from f(x) Protocol join CurveCap and DAdvisoor to talk about the upcoming v2 that the whole f(x) community is excited about. f(x) Protocol: https://fx.aladdin.club https://x.com/protocol_fx https://x.com/Cryptovestor77 https://x.com/cyrille_briere Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠⁠youtube.com⁠@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

27 Nov 20241h 9min

ASS-Backwards: How Semantic Layer is Redefining dApps with Application-Specific Sequencing

ASS-Backwards: How Semantic Layer is Redefining dApps with Application-Specific Sequencing

In this episode of Leviathan News, host Samuel McCulloch sits down with Dex Chen, co-founder of Semantic Layer, and Mr. DDT to discuss their pioneering work on application-specific sequencing (ASS). They dive deep into how their new transaction layer aims to give control of transaction ordering back to protocols, addressing issues like MEV (Maximal Extractable Value) and enhancing the functionality and security of dApps. Learn about their background, their vision for the future of DeFi, and how Semantic Layer is set to transform transaction processing in blockchain networks. Don't miss this insightful discussion on the future of decentralized applications!

27 Nov 202430min

Vitalik knows it's $TRUE w/ TrueMarket's Founder Millie

Vitalik knows it's $TRUE w/ TrueMarket's Founder Millie

In this episode of Leviathan News, the hosts, Samuel McCulloch and DeFi Advisoor, interview Mille, the founder of True Markets, a decentralized prediction market platform. Milly shares insights into the platform's recent growth, including the astonishing Patron NFT sale success bolstered by Vitalik's unexpected investment.

21 Nov 202459min

$ASF and $USDaf Have Entered The Chat - with Asymmetry Finance

$ASF and $USDaf Have Entered The Chat - with Asymmetry Finance

We're joined by Hannah and Justin from Asymmetry Finance to discuss $ASF, $USDaf and other stuff they're working on over there. Follow Asymmetry Finance: linktr.ee/asymmetryfin https://x.com/hannahjojo_https://x.com/Macro_Justin The sale on Fjord Foundry - Not Financial Advice: https://app.fjordfoundry.com/pools/0x... Our links: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠⁠youtube.com⁠@leviathan_news⁠ ⁠https://x.com/DAdvisoor⁠ Notice - all content on Leviathan News and by it and it's contributors are for informative purposes. Non of the topics discuss are any kind of advice, including financially. Do your research and invest responsibly. Feel free to add comments and talk to us everyone! Enjoy!

24 Okt 202442min

Not Your $USUAL Stablecoin - With Adli from usual.money

Not Your $USUAL Stablecoin - With Adli from usual.money

We're joined by Adli from Usual Money, to tell us about their stablecoin and what makes it unique. 00:00 - Introduction to Usual Money and Guest Background 02:29 - Adli's Journey into Crypto and Founding Usual Money 10:13 - The Unique Proposition of Usual Money in Stablecoins 21:05 - Understanding Actual Stablecoin Business and Liquidity Needs 29:12 - Current Offerings and Vision of Usual Money 43:27 - Future Plans and the Role of Stablecoins in Finance 47:37- The Future of Stablecoins 53:13 - Innovations in Decentralized Applications 01:01:45 - The App Chain Narrative 01:09:49 - Governance Structures in Crypto 01:17:31 - Vision for the Future of Finance Usual Money: https://linktr.ee/usualmoney Adli: https://x.com/AdliTB Our links: Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ DAdvisoor: https://x.com/DAdvisoor Feel free to add comments and talk to us everyone! Enjoy!

16 Okt 20241h 34min

The FBI rugged a memecoin

The FBI rugged a memecoin

Sam is back with a bombshell from the crypto and DeFi world. Accompanied by Alex Golubitsky, they explore a FBI sting operation that unveiled fraudulent activities among crypto market makers. The FBI's creation of a fake token, NextFund AI, led to charges against 15 individuals and major firms: Gotbit, ZM Quant, and CLS Global, highlighting rampant wash trading practices. The episode dives deep into the tactics used to inflate token volumes, the broader regulatory implications, and strategies to legally protect your crypto investments. 00:00 Introduction and Welcome 00:58 Breaking Down the FBI Sting Operation 04:11 Understanding Market Making in Crypto 04:48 The Dark Side of Market Making 07:35 Industry Implications and Practices 09:26 Sophisticated Market Makers and Predatory Practices 10:55 Details of the Next Fund AI Case 12:10 FBI's Unusual Tactics in Securities Law 12:56 The AI Token Craze and Market Manipulation 17:13 Legal Implications and Regulatory Strategies 19:13 Protecting Yourself from Federal Scrutiny 20:53 Conclusion and Final Thoughts

14 Okt 202423min

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