Yam Finance Prevents Attack

• The attempted exploit took the form of a governance proposal via internal transactions, which made it more difficult for community members to identify.
• The attack was designed to transfer control of Yam Finance’s reserves to a wallet address owned by the attacker. Though the proposal initially saw a quorum achieved, it was caught by the Yam Finance team early enough to stymie its progress.
• If successful, the manipulative measure would have enabled the attacker to remove the entirety of the Yam Finance treasury, valued at over $3 million at the time of the proposal.
• Though the initial snapshot vote was passed, the calls to re-do the process are resounding, with community members submitting new proposals for a revote.
• Yam is no stranger to governance issues, as another disputed vote attempting to alter the redemption rate of the project’s treasury was the subject of recent controversy.

Yam Finance was originally meant to be a stablecoin protocol, but after a major bug popped up during a migration shortly after launch, the team rebranded the project as a hub for decentralized finance.