Token of Power Exploited for $1.58 Million in Governance Attack
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Token of Power (TOP) suffered a governance takeover in which an attacker minted 10 billion TOP and drained 944.2 WETH (about $1.58 million) from the TOP/WETH Balancer V1 liquidity pool. Security firms say weak governance safeguards and the absence of a timelock enabled the exploit, underscoring DeFi and crypto protocol security and governance risks for liquidity pools and token launches.
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- Token of Power lost $1.58 million after an attacker gained majority voting control and executed a malicious proposal.
- The exploiter minted 10 billion TOP tokens and swapped them for WETH, draining the Balancer liquidity pool.
- Security firms say weak governance safeguards and the lack of a timelock enabled the attack.
The Token of Power (TOP) protocol has suffered a governance takeover attack that allowed an exploiter to mint billions of TOP tokens and drain about $1.58 million worth of Ethereum from a liquidity pool.
Blockchain security firm Blockaid raised the alarm on X. The company said its exploit detection system identified a governance attack that led to the theft of 944.2 WETH, worth roughly $1.585 million, from the TOP/WETH Balancer V1 pool.
According to Blockaid, the attack did not exploit Balancer itself. Instead, the liquidity pool was used as the ven…
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