DeFi Governance Exploit: $4.85M Flash-Loan Treasury Heist, Token -96%
An attacker used a $1.9M flash loan to buy enough DAO voting power to pass a proposal handing themselves the treasury, repaid the loan in the same transaction, and walked away with $4.85M. The token collapsed 96%.
What we know
An account on X traced the entire exploit in 34 seconds using on-chain tools, noting the stolen funds moved again the following day. The attack is a classic governance flash-loan exploit — borrow, vote, drain, repay in one atomic transaction. The same thread also references the CoinDCX hack, where 1.039M USDT was sent to a Gate deposit address 3h 40m before the CEO publicly called the incident a 'false alarm.'
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.