In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO’s treasury. Following this development, the project’s founders will now re-assume control from the DAO.
In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project’s DAO, which is currently valued at $120,000.
According to Day, both attackers purchased a high amount of Indexed’s native token – NDX and attempted to assume control of the protocol’s treasury via malicious proposals. The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting.
Okay so here’s what just happened to the Indexed DAO
The wreckage can be seen in the Tally panel below
This is a long thread, but I want to record it somewhere pic.twitter.com/wRTRZZcwhm
— laurence, backed by paradigm (@functi0nZer0) November 25, 2023
However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt.
Related Reading: HTX Recommence Operations After Temporary Halt Due to Hack
Indexed Finance Anticipates Second Attack, Emerges Victorious Again
Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury.
Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack.
As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed – proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution.
During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury. However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury.
The hijacker eventually accepted Kellar’s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt.
Indexed Finance DAO Hands Over Treasury Control To Founders
Following the multiple hijack attempts, the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a ⅔ multi-sig system.
At the time of writing, NDX trades at $0.00823, with a 24.15% decline on the last day. In tandem, the token’s daily trading volume is also down by 44.35% and valued at $2,347.
Total crypto market valued at $1.398 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Hacked.com, chart from Tradingview
The Dogecoin price jumped 10% on Sunday after Elon Musk confirmed DOGE is the only dog-themed meme coin he has ever owned. Dogecoin (DOGE) surged from an intraday low of $0.241 to $0.2865 after the Tesla supremo flatly denied owning Dogecoin rival Shiba Inu Coin (SHIB/USD). When asked how much Shiba Inu he holds, Musk responded ‘none’, which sent SHIB tumbling 25%. However, the Dogecoin price got a welcome boost when the billionaire confirmed he acquired Dogecoin along with Bitcoin and Ethereum. However, he did not indicate whether he still holds DOGE.
Dogecoin currently holds a market cap of $35 billion and is the 9th most valuable cryptocurrency behind Polkadot. Although DOGE has gained 32% so far this month, its smaller rival is narrowing the gap. Shiba Inu has skyrocketed 470% in October and sits just two places behind DOGE in the crypto league table. Despite many writing off SHIB as a virtually worthless meme-coin, its value has jumped to $16.2 billion. Furthermore, it has momentum on its side and, considering the recent performance, could soon have Dogecoin in its sights. For DOGE to maintain its place as the number one meme-coin, it must continue the good work it put in yesterday, or it’s in danger of losing ground to the young whippersnapper.
DOGE Price Forecast
The daily chart shows that DOGE is fighting to clear trend line resistance at $0.2735. The Dogecoin price did trade above the trend yesterday and this morning. However, so far, DOGE has been unable to sustain gains above the 200-day moving average at $0.2807. If the price clears the 200-DMA on a closing basis, it should muster the strength to extend towards the September high of $0.3263. However, failure to do so could force the price below the trend line.
See also
If Dogecoin finishes today below the trend at $0.2735, a likely destination is the 100-day moving average at $0.2449. The 50-DMA at $0.2361 provides additional cover and reinforces the scale down support. If DOGE holds the 50 and 100-DMA, the outlook is stable-to-bullish. However, below the 50-DMA, a test of trend support at $0.205 is probable. For now, I favour the upside and believe the coin will clear the 200-day moving average in the coming sessions. However, if the Dogecoin price drops below $0.2361, it invalidates this view.
Dogecoin Price Chart
For more market insights, follow Elliott on Twitter.