STOP VIP42 HOSTILE TAKEOVER

This post was originally published on Venus Protocol

Venus Protocol

Dear Venus community,

Many of you have already realised that those anonymous attackers attempted to hijack Venus and steal 3.7 million XVS funds. The Venus team has stopped this proposal through the Governance guardian. Governance guardian is a security measure that is supposed to only be activated in emergency situations and this was one of them. It has also been implemented in Compound GovernorAlpha to deal with similar situations before the GovernorBravo Proposal.

In VIP42, the attacker attempts to take control of the protocol through bribery, which will directly endanger the security and stability of Venus. This is not the original intention of the DAO. We are welcoming more suggestions and feedback, but not like this way. For the safety of the entire protocol and users, we must stop them.

DAO is evolving progress, and today is a big lesson learnt. Current DAO is not ideal, which has a high risk of being hijacked by hostile whales. There are multiple different ways to optimize the DAO, e.g Compound already moved Governor Alpha to GovernorBravo and Synthetic introduced Spartan Councils, and a16Z also published a very good summary on DeFi governance . Venus also needs to have a more safe DAO.

We will propose a better DAO and are looking forward to discussing with top DeFi projects and Venus Communities to define a more secure DAO for Venus next. However, in the meantime, we will use this guardian for any absurd or hostile VIPs to protect our communities.

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