Indexed Finance has successfully defended its treasury against two separate takeover bids, affirming its commitment to reimburse those affected by a prior security breach. The Ethereum-based project, which experienced a significant setback in 2021 due to a $16 million hack, remains resolute in its mission to safeguard its assets and stakeholders.
Laurence Day, who played a pivotal role in the platform’s early stages, took to X to chronicle the community’s vigilance in fending off the intruders. The attackers, having amassed substantial NDX tokens, sought to commandeer the DAO’s digital assets valued at around $120,000 through stealthy proposals.
The first proposal, conspicuously missing a title or description to evade notice, was close to passing. Alerted by Day, the Indexed community rallied, casting critical ‘No’ votes to block its approval. Aware that their transparent countermeasures might invite further attempts, the team enacted a “poison pill” strategy, authorizing the burning of treasury funds to deter future attacks.
In the wake of these events, a second aggressor emerged, demanding half of the treasury. Dillon Kellar, a founding figure, countered with a $10,000 offer in Dai, cautioning that refusal would result in the destruction of the funds. As the deadline loomed, the assailant settled for the proposed amount, retracting their proposal.
Governance is set to revert to a multisig format, helmed by Day, Kellar, and the enigmatic PR0. Their immediate agenda is to channel the remaining treasury to compensate the victims of the 2021 hack, demonstrating Indexed Finance’s resilience and dedication to its community.
