The price started to rise again in TORN, which was hit hard by the hack attack it experienced over the weekend.
A wallet linked to the hack made an offer to the TORN DAO offering to reverse the hack.
Voting will end on May 26. If the proposal is accepted, the malicious code integrated into the protocol by the attackers and destroying the ability of others to vote will be removed. In this way, the management of the TORN DAO will pass back to the token holders.
After the offer was published, there was a nearly 10% increase in the TORN price. TORN is also trading 43% above the level it fell on May 21.
It is not yet known whether this move of the attackers is well-intentioned. Some DeFi experts are skeptical as to whether this is a planned action taken by the attackers to increase the price and find new liquidity.
It is stated that it may be risky for the TORN receivables to make a move without waiting for the results of the voting on May 26.
What Happened?
The attack took place on May 20, at 10:25 am, when the attacker submitted a proposal claiming to use the same logic as a previous proposal approved by the community.
However, the proposal contained a hidden function that allowed the attacker to update the proposal structure after the proposal had passed. The attacker then used this function to cast false votes on themselves, exceeding the total number of legitimate votes (~700,000).
With these votes, the attacker can now perform various malicious actions, such as withdrawing all locked votes, dumping all tokens in the management contract, and locking the router. However, they still cannot empty their individual token pools, which means users' funds are safe for now.
After the attack, many exchanges, including Binance, suspended TORN deposits and withdrawals.