Twister Money governance management set to be restored as voters approve proposal


The governance tokenholders of Twister Money will quickly regain management over the protocol’s operations, because of an sudden proposal put ahead by the attacker. This improvement permits the neighborhood to regain authority and steer the protocol towards restoration and improved safety measures.

On Might 26, the proposal to revive management to the unique governance tokenholders of Twister Money handed efficiently. A complete of 517,000 token votes favored the proposal, with none opposing it. This decision brings a swift conclusion to a governance takeover that, happily, didn’t affect the protocol itself, however did result in the theft of particular governance tokens.

Related articles

A screenshot displaying the voting outcomes. Supply: Twister Money

By efficiently orchestrating a takeover of the protocol’s governance system, the attacker maneuvered a malicious proposal that granted them 1.2 million votes. Leveraging this vital voting energy, they handed further proposals, in the end seizing management over beforehand vested governance tokens. Their techniques allowed them to control the governance construction, leading to a switch of authority of their favor.

In a shocking flip of occasions, just some hours after the hack, the attacker unexpectedly contacted the Tornado Cash community, presenting a proposal purportedly geared toward restoring governance management. This sudden gesture stunned many, elevating curiosity and prompting additional scrutiny of the attacker’s intentions and motivations.

As reported by Martin Lee, an information journalist from the crypto analytics website Nansen, the attacker managed to steal 483,000 Twister Money (TORN) tokens. Subsequently, they carried out a collection of swaps, changing the vast majority of the stolen tokens into 485 Ether (ETH), price roughly $890,000. This strategic maneuver left them with 39,000 TORN, valued at round $160,000. To obfuscate the origin of the funds, a portion of the ETH was cleverly routed by way of Twister Money, including a further layer of anonymity to the transaction.

Associated: Crypto hacks falling in Q1 is but a ‘temporary reprieve’ — Blockchain firm

Twister Money, the Ethereum blockchain-based crypto mixing service, was embroiled in controversy when it was formally sanctioned by the United States Treasury in August 2022. The sanctions stemmed from allegations that the protocol had been used for cash laundering.

Journal: Should crypto projects ever negotiate with hackers? Probably