Compound (COMP), one of the important lending platforms of the altcoin world, has undergone a major shock with recent developments. COMP, the platform's native token, has lost more than 6% in value following recent events. The source of this crisis stands out as the platform's struggle for control over the Decentralized Autonomous Organization (DAO).

Golden Boys' Negative Recommendation

These developments were triggered by the influence of a group calling itself the “Golden Boys”. After three unsuccessful attempts, this group was successful in its fourth attempt and passed a proposal to direct $24 million worth of COMP tokens to a protocol called goldCOMP, which was claimed to provide passive income to COMP holders. This has caused serious concerns among large investors such as Wintermute. In particular, it is stated that this move is considered as a "management attack" on the protocol. The term “governance attack” refers to an attacker using unauthorized governance tokens to manipulate the DAO's decision-making processes to their own advantage.

Selection of Events

According to information on the Compound forums, the attack began as a coordinated effort by a whale using the nickname "Humpy." Humpy took control of large amounts of COMP tokens and wanted to transfer these tokens to the goldCOMP protocol. The group known as the Golden Boys presented three different proposals to realize this plan.

  • Proposal 118: Proposed transfer of 5% of COMP treasury to a multi-signature wallet controlled by the Golden Boys, but was rejected due to questionable circumstances.

  • Proposal 247: Aimed to deposit 5% of COMP tokens into the goldCOMP vault, but was canceled due to insufficient support.

  • Proposal 289: Serving the same purpose, this proposal took a different approach and was accepted. Although it was claimed that these moves of Humpy and the Golden Boys were for the purpose of "stealing funds", Humpy denied these accusations. He argued that the GoldCOMP fund was built on "a trust structure that includes a set of restrictions that will prevent the theft or diversion of funds."

Future and Investor Concerns

With Proposal 290, which will be put to vote in about a day, it is planned to change the powers of the Timelock Admin smart contract, which orders management actions. This change will allow executive orders to go into effect with a two-day delay, giving the community more time to react. This move could be a hedge against future governance attacks, but it remains unclear whether it will block the COMP tokens that Golden Boys are pursuing. As a result of the developments, the COMP price decreased by 6%.

These events have raised serious questions about the security and effectiveness of governance mechanisms in the cryptocurrency ecosystem. The democratic structure of DAOs can be open to manipulation by malicious actors. It was once again emphasized that more robust security measures should be developed to prevent such attacks and protect the rights of communities. Additionally, internal conflicts in major protocols like Compound could undermine investor confidence.

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