Compound Faces $24M Governance Attack

Alpha Team
July 29, 2024

🔍 $24M Compound Proposal Faces Governance Attack Allegations

Contentious Proposal Passed: A Compound Finance proposal has led to accusations of a governance attack. The proposal, allocating $24 million to the "Golden Boys," passed with a close vote of 682,191 to 633,636.

Allegations of Manipulation: Security advisor Michael Lewellen and others highlighted suspicious activity involving token accumulation by a group aiming to push the proposal. Critics, including Wintermute Governance, questioned the integrity of the process and the security of funds.

Humpy's Controversial History: Humpy, the leader of the "Golden Boys," has a history of controversial governance moves, including disputes with Balancer and SushiSwap. These past actions have raised further concerns among community members. Read More.

️ On today's Top Picks:

💲 US Government moves $2B of Bitcoin $BTC.
🪂 Layer3 $L3 airdrop claim to go live July 30th.
🪂 LiquidSwap $LSD airdrop claim to go live July 30th.
🔓 Optimism $OP token unlock worth ~$53.3M on July 31st.

Read time: ⏰ 5 minutes

Crypto News

• ⭐️ Compound Finance $COMP passes proposal allocating $24M to "Golden Boys"; community calls it a governance attack.

• ⭐️ US Government moves $2B of Bitcoin $BTC into two new addresses, one possibly being an institutional custody/service.

• Michael Saylor posts Bitcoin 21-Year Forecast with a $13M base case for 1 Bitcoin $BTC.

• Grayscale Bitcoin $BTC Mini Trust approved by US SEC, needs S-1 registration before trading begins.

• Paradigm deposits ~$20M of Ethereum $ETH to Anchorage Digital.

• Ava Labs $AVAX VP of Engineering Patrick O'Grady leaves to start their own company.

• WazirX faces criticism over fund recovery options amid $230M hack earlier this month.

Alpha

• Catalyst Eggs Season 1 ends August 2nd; five days left to participate.

• Infinex Craterun ends July 30th at 0000 UTC; unopened crates to expire July 31st at 0000 UTC.

• ICYMI Earndrop users are eligible to mint the Fluid Pass NFT for free.

• Cysic Incentivized Testnet Phase 1 by Alpha Drops.

Airdrops

• Swell to snapshot Pearls July 30th at 0000 UTC; $SWELL TGE details coming soon.

• ⭐️ Layer3 $L3 airdrop claim to go live July 30th at 0930 UTC.

• ⭐️ LiquidSwap $LSD airdrop claim to go live July 30th at 0800 UTC.

• JOJO Exchange $JOJO airdrop claim is live.

Finance News

• US Presidential Candidate Donald Trump promises to fire US SEC chair Gary Gensler.

• US National Debt reaches all-time high of $35 Trillion.

• US Federal Reserve to release FOMC interest rate decision on July 31st.

• Nasdaq top shareholder Thoma Bravo to sell shares worth $2.8B.

Security and Exploits

• Spyware Provider Spytech hacked revealing unencrypted victim data.

• Gh0st RAT targets Chinese Windows users through fake Chrome installers.

• ICYMI Gemini discloses data breach exposing banking information.

Token Unlocks

• Echelon Prime / 750K $PRIME / ~$5.8M / JUL 31
⭐️• Optimism / 31.34M $OP / ~$53.3M / JUL 31
• Manta Network / 1.87M $MANTA / ~$1.8M / JUL 31
• dYdX / 8.33M $DYDX / ~$10.7M / AUG 01
• Sui / 64.19M $SUI / ~$48.1M / AUG 01
• ZetaChain / 53.89M $ZETA / ~$32.7M / AUG 01
• Galxe / 4.17M $GAL / ~$12.6M / AUG 02
• Wormhole / 600M $W / ~$170.7M / AUG 03
• Ethena / 14.89M $ENA / ~$6.7M / AUG 04
• Mode / 185.30M $MODE / ~$4.3M / AUG 05

Funding

• Liquorice, an infrastructure application for intent-based systems, raises $1.2M in Pre-Seed funding led by Greenfield Capital.

• BlonkFi, a money market protocol on Solana, raises an undisclosed amount in Pre-Seed funding led by UOB Venture Management & Signum Capital.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOL	ASSETS	APY
Ramses CL (Arbitrum)	USDCUSDC	45.95%
Abracadabra Spell (Arbitrum)	MIMUSDCUSDT	43.10%
Merkl (Arbitrum)	USDEUSDC	34.51%
Notional V3 (Ethereum)	NUSDC	31.40%
BFX (Blast Futures) (Blast)	USDB	30.62%
Anzen V2 (Ethereum)	SUSDZ	27.37%
Extra Finance (Base)	DOLAUSDC	26.44%
Morpho Blue (Ethereum)	USUALUSDC+	26.27%