Ampleforth Suspected Malicious Governance Proposal Aims to Transfer 2.5 Million USDC

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Ampleforth’s decentralized governance system is at risk of exploitation as Proposal 54 seeks to transfer 2.5 million USDC from the treasury. Titled “SPOT Completed Work Disbursement,” the proposal would send nearly all 2.538 million USDC held in a time-locked contract to the proposer’s address. The proposer holds 87,238 governance tokens (FORTH), just above the 75,000 threshold required to self-vote. At $0.22 per FORTH, the estimated cost of the attack is $132,000.

ChainThink reports that on September 13, according to Defimon Alerts, Ampleforth's 54th governance proposal appears to be malicious, involving 2.5 million USDC from the treasury.

The proposal, titled "SPOT Completed Work Grant," proposes transferring funds to the proposer’s address, amounting to nearly the entire 2.538 million USDC held in the timelock contract. The proposer has disclosed that they authored this proposal.

It will barely surpass the 75,000 threshold by self-voting with only 87,238 FORTH (approximately 0.57%); at $0.22 per token, the attack cost is approximately $132,000.

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