Tag: Proposal

Tornado Cash attacker to potentially giveback governance control, proposal reveals

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Just a day after an attacker sparked community-wide panic after hijacking the Tornado Cash governance, a new proposal hints at the possible restoration of the state of governance. On May 21, the passing of a malicious proposal allowed an attacker to gain complete control over Tornado Cash’s governance. With total control over the governance of the decentralized crypto mixer, the attacker was in a position to inflict massive losses considering they could withdraw all of the locked votes, drain all of the tokens in the governance contract and brick the…

Tornado Cash’s TORN Token Up 10% as Attacker Submits Proposal to Undo Attack

Given the attacker’s holdings of TORN governance tokens, the proposal looks as though it will pass when voting closes on May 26, though it’s unclear when the action will be executed. When the proposal passes, the malicious code that the attacker integrated into the protocol, which allowed them to steal voting power from others, will be removed, and the governance of Tornado Cash’s DAO will go back to token holders. Source

Attacker hijacks Tornado Cash governance via malicious proposal

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Adding to the existing roadblocks of the decentralized crypto mixer Tornado Cash, an attacker managed to gain full control of the governance through a malicious proposal.  On May 20 at 3:25 ET, an attacker successfully granted 1.2 million votes to a malicious proposal. Given that the proposal received more than 700,000 legitimate votes, the attacker gained total control over Tornado Cash governance. On 2023/05/20 at 07:25:11 UTC, Tornado Cash governance effectively ceased to exist. Through a malicious proposal, an attacker granted themselves 1,200,000 votes. As this is more than the…

BitDAO passes key proposal, to merge with Ethereum layer-2 protocol, Mantle

A proposal to combine the world’s largest decentralized autonomous organization, BitDAO, with the Ethereum-based layer-2 scaling protocol, Mantle, has been approved. The approval on May 19 sets the stage for BitDAO’s existing products, ecosystem, and native token, BIT, to change its branding to Mantle (MNT). A majority of the BitDAO community approved the measure as part of its BitDAO improvement proposal (BIP)-21. It intends to combine the broader BitDAO ecosystem under the principle of “one brand, one token.” Per the wording of a BIP-21 snapshot shared on Twitter by BitDAO,…

BitDAO passes BIP-21 token optimization and branding proposal

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The BIT token will soon undergo a branding transformation to become Mantle, a measure approved through a high majority vote on May 19 on a proposal to optimize the token ahead of the launch of a new layer-two mainnet.  As Cointelegraph reported on May 12, the BIP-21 proposal sought to unify the BitDAO ecosystem under a “One brand, One token” principle. Now that it’s passed, with a reported votes tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per…

ApeCoin DAO Approves Proposal to Boost Bored Ape NFTs, APE Ecosystem Growth

The “Ape Accelerator” aims to engage the ApeCoin community as initiators, voters, and participants. Initiators can submit proposals for projects to be incubated, while voters can use their APE tokens to vote on whether the proposed projects should be launched. Participants will be able to support approved projects by purchasing NFTs and other yet-unspecified tokens. Source

House Democrats Consider New Stablecoin Bill Proposal: Source

CryptoX – Cryptocurrency Analysis and News Portal House Democrats on the Financial Services Committee are considering a new version of proposed stablecoin bill weeks after Republicans on the committee introduced their own discussion draft. Source The post House Democrats Consider New Stablecoin Bill Proposal: Source appeared first on CryptoX. CryptoX Portal

US House financial committee tells SEC they don’t like custody proposal

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The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of crypto industry figures in expressing their objections. Financial Services Committee Chair Patrick McHenry and his colleagues wrote that the SEC was exceeding its authority in its proposed rule, known as the registered investment adviser (RIA) rule — which toughens requirements for qualified custodians of…

SEC Blasted on Custody Proposal by JPMorgan, NYDFS, Bakkt And a Fellow Agency

And from the crypto sector, investment firm a16z said, “We believe this proposed prohibition to be illegal, infeasible, and dangerous.” The letter signed by several executives suggested investment advisers would find the rule almost impossible to comply with, because it “largely failed to consider the logistics of how custody works for many crypto assets, the economics underpinning crypto asset markets, and even the basic statistics and other data that should inform a considered regulatory approach.” Source