Oct 30, 2020 at 19:22 UTCUpdated Oct 30, 2020 at 20:59 UTC.The MakerDAO community is voting Friday on a proposal to change its governance system to harden it against flash loan attacks.
This proposal comes after the team from BProtocol flash borrowed $7 million worth of MKR tokens from derivatives platform dYdX to swing a vote on Maker in its own favor.
MakerDAO's MKR token is required to vote on changes to the DeFi platform.
According to a MakerDAO forum post, the proposed fix extends the delay between a proposal's passing and its implementation from 12 hours to 72 hours, which would give the community enough time to review and veto an unfair vote.
The proposal would also deactivate two modules that allow users to freeze Maker's liquidation engine and its oracle service.
MakerDAO Members Voting on a Safeguard Against BProtocol Flash Loan-Type Attack
Published on Oct 30, 2020
by Coindesk | Published on Coinage
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