Researcher Unveils Scammer Behind Failed Swerve $1M Governance Attack

• A scammer attempted multiple times to steal over  $1M from Swerve Finance.
• The hack failed as the scammer needed more tokens to execute proposals.
• MyAlgo has unveiled preliminary findings regarding the ongoing security breach.

Igor Igamberdiev, head of research at the well-known market maker Wintermute, recently detailed how a fraudster tried to carry out a governance attack on Swerve Finance, a decentralized finance (DeFi) platform.

Igamberdiev noted that the scammer attempted multiple times in the past week to steal over  $1 million in various stablecoins from the protocol but failed due to the platform’s governance structure and the community’s actions.

1/10

For more than a week, someone has been trying to carry out a governance attack on @SwerveFinance (a dead Curve clone) and steal $1M+ in various stablecoins

Let’s figure out why he didn’t succeed and also find out who the exploiter ishttps://t.co/ZYQ2bkrsPA

— Igor Igamberdiev (@FrankResearcher) March 24, 2023

The researcher explained that Aragon powers Swerve Finance and that voters on the platform use veSWRV to execute proposals. While the attacker owns 495,000 veSWRV tokens, they needed 571,0…

The post Researcher Unveils Scammer Behind Failed Swerve $1M Governance Attack appeared first on Coin Edition.