Key takeaways:
- The proposal to revive governance management to Twister Money token holders has garnered a powerful 517,000 votes in favor, with no votes in opposition to it.
- This exceptional end result suggests a pivotal milestone within the restoration of Twister Money, as token holders actively regain management over governance.
The decentralized privateness protocol Twister Money is poised to regain its governance control
after a token vote that garnered sturdy group assist. With overwhelming backing for the proposal, this marks a major milestone in restoring the protocol’s governance performance.
This step ahead provides the group again management over the protocol, permitting it to maneuver in direction of restoration and higher safety measures.
On Could 26, it was decided to provide Twister Money’s authentic governance token holders management as soon as once more. The proposal acquired a complete of 517,000 symbolic votes in favour and 0 in opposition to.
The conclusion of this occasion represents a sudden conclusion to a governance takeover that had no impression on the protocol itself however resulted within the theft of governance tokens. The attacker cleverly orchestrated the seizure of the protocol’s governance mechanism, enabling them to submit a malicious proposal that granted them 1.2 million votes.
With this substantial voting energy, they efficiently handed a number of proposals, finally gaining management over the beforehand vested governance tokens. By way of strategic maneuvers, they manipulated the governance framework, resulting in a switch of management of their favor.
Token holders could have an energetic function in shaping essential protocol parameters, together with payment buildings, upgrades, and the event of future options. The transition to decentralized governance goals to advertise transparency, inclusivity, and the alignment of pursuits amongst all stakeholders.
In a shocking twist of occasions, the attacker made surprising contact with the Twister Money group shortly after the hack, presenting a proposal aimed toward restoring governance management. This surprising transfer caught many off guard and sparked curiosity, resulting in a better examination of the attacker’s intentions and motivations. Information journalist Martin Lee, who works for the crypto analytics web site Nansen, revealed that the attacker managed to steal 483,000 Twister Money (TORN) tokens.
Following the theft, the attacker executed a collection of swaps, changing the vast majority of the stolen tokens into 485 Ethereum (ETH), equal to roughly $890,000. This strategic maneuver left them with 39,000 TORN, estimated to have a worth of round $160,000.
The developments come virtually a month after Main cryptocurrency trade Coinbase introduced its backing for a authorized motion in opposition to the US Treasury to carry the restrictions on the cryptocurrency mixer Twister Money.
