The price of the Compound’s native token, COMP, has dropped over 8%, from $51.02 to $47.21.
Compound Finance faces a governance attack with a malicious actor manipulating the DAO’s decision-making process.
A whale known as Humpy and a group called the Golden Boys set up the attack.
In a dramatic turn of events for the Compound protocol, the price of its native token, COMP, has plummeted over 6%. This decline follows allegations of a governance attack that has thrown the Decentralized Autonomous Organization (DAO) that runs Compound into a mess.
A governance attack is a malicious attempt to manipulate a DAO’s decision-making processes. This typically involves accumulating enough voting power to sway outcomes in favor of the attacker. The attacker takes advantage of the easy trade and open access to governance tokens.
The recent governance attack on Compound was meticulously set up by a whale known as Humpy, who, along with a group called the Golden Boys, managed to pa
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