Token of Power Exploited for $1.58 Million in Governance Attack

• Token of Power lost $1.58 million after an attacker gained majority voting control and executed a malicious proposal.
• The exploiter minted 10 billion TOP tokens and swapped them for WETH, draining the Balancer liquidity pool.
• Security firms say weak governance safeguards and the lack of a timelock enabled the attack.

The Token of Power (TOP) protocol has suffered a governance takeover attack that allowed an exploiter to mint billions of TOP tokens and drain about $1.58 million worth of Ethereum from a liquidity pool.

Blockchain security firm Blockaid raised the alarm on X. The company said its exploit detection system identified a governance attack that led to the theft of 944.2 WETH, worth roughly $1.585 million, from the TOP/WETH Balancer V1 pool.

According to Blockaid, the attack did not exploit Balancer itself. Instead, the liquidity pool was used as the ven…

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