Researcher Unveils Scammer Behind Failed Swerve $1M Governance Attack
Coin Edition
Published Mar 25, 2023 10:25
Updated Mar 25, 2023 10:45
Researcher Unveils Scammer Behind Failed Swerve $1M Governance Attack
Coin Edition -
- 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.
According to the report, the attackers allegedly used a man-in-the-middle attack technique to exploit the content delivery platform (CDN) used by MyAlgo to set up a malicious proxy. MyAlgo claimed the proxy then modified the original code with harmful code, presenting a malicious version to users accessing the wallet.
The post Researcher Unveils Scammer Behind Failed Swerve $1M Governance Attack appeared first on Coin Edition.
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