YAM Finance fell victim to a governance takeover attack, as the attacker submitted an empty proposal in an attempt to seize control of the Timelock.
60 minutes ago
Security firm Defimon has issued an alert, detecting a governance takeover attack targeting YAM Finance. The attacker self-delegated approximately 504,000 YAM tokens, accounting for ~3.3% of the total supply (slightly above the legal voting threshold), then submitted YamGovernorAlpha Proposal #45, which has an empty description ("0x"). Its sole operation is calling the setPendingAdmin method of the YAM Timelock contract, pointing to the attacker’s address. According to the disclosure, if the proposal passes and is executed, the attacker will become pendingAdmin, then can fully control the Timelock via acceptAdmin—granting them management rights over all YAM protocol contracts and the DAO treasury, with an estimated risk amount of around $337,000. Since the protocol is currently dormant, Defimon Alerts reminds YAM holders to vote against this proposal before block height 25897343 (approximately 34 hours remaining).
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