Binance: Prevented a DAO governance attack less than 48 hours before execution, involving approximately 1.2 million dollars in treasury tokens

Binance stated that its monitoring team discovered a malicious governance proposal targeting a certain unnamed decentralized autonomous organization (DAO), involving a risk of approximately 1.2 million dollars in treasury tokens, with less than 48 hours until execution. Binance contacted the project and coordinated with centralized exchanges listing the related tokens to close deposits; the project subsequently voted down the proposal, preventing its execution. Binance did not disclose the name of the project or the tokens.

The proposal exploited the project's on-chain governance mechanism, which had a low proposal threshold. BonkDAO confirmed in July this year that a malicious proposal had transferred approximately 20 million BONK tokens from its treasury, with the attacker accumulating enough voting power to authorize the transfer.