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Project Overview
Timelock is the next-generation decentralized execution safeguard layer, establishing amandatory review bufferfor every critical on-chain operation. It empowers DeFi protocols, DAOs, cross-chain bridges, and multi-sig wallets to prevent instant-execution attacks and elevate the overall Web3 security standard.
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YAM Finance faces governance takeover attack, attacker submits empty proposal aiming to control Timelock
Odaily News: According to Defimon monitoring, YAM Finance has suffered a governance takeover attack. The attacker self-delegated approximately 504,000 YAM tokens, accounting for about 3.3% of the total supply, slightly above the legal voting threshold, and subsequently submitted proposal #45 to YamGovernorAlpha. The proposal description is empty and only contains an operation to call the setPendingAdmin method of the YAM Timelock contract, redirecting permissions to the attacker's address. If the proposal passes and is executed, the attacker will become pendingAdmin and can then fully control the Timelock through acceptAdmin, thereby gaining administrative access to all YAM protocol contracts and the DAO treasury, involving a risk amount of approximately $337,000. As the YAM protocol is currently in a dormant state, Defimon Alerts reminds YAM holders to vote against this proposal before block height 25897343, with approximately 34 hours remaining until that block.
An address received 5 million UNI tokens—approximately $15.8 million—from the Uni Timelock contract, three months after the previous transaction.
According to on-chain analyst “Aunt Ai,” an address has received 5 million UNI tokens—worth $15.8 million—from the Uni Timelock contract for the first time in three months. This address has now accumulated a total of 10 million UNI tokens, currently held in a Coinbase custodial account.