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MakerDAO Members Voting on a Safeguard Against BProtocol Flash Loan-Type Attack
The MakerDAO community is voting on a proposal to harden the protocol's governance structure against flash loan voting.
- The MakerDAO community is voting Friday on a proposal to change its governance system to harden it against flash loan attacks.
- This proposal comes after the team from BProtocol flash borrowed $7 million worth of MKR tokens from derivatives platform dYdX to swing a vote on Maker in its own favor.
- MakerDAO’s MKR token is required to vote on changes to the DeFi platform.
- According to a MakerDAO forum post, the proposed fix extends the delay between a proposal’s passing and its implementation from 12 hours to 72 hours, which would give the community enough time to review and veto an unfair vote.
- Additionally, the proposal would also deactivate two modules that allow users to freeze Maker’s liquidation engine and its oracle service.
Colin Harper, Blockspace Media
Colin writes about Bitcoin. Formerly, he worked at CoinDesk as a tech reporter and Luxor Technology Corp. as head of research. Now, he is the Editor-in-Chief of Blockspace Media, and he also freelances for CoinDesk, Forbes and Bitcoin Magazine. He holds bitcoin.
