$TOP Token Suffers Governance Attack, Sustaining ~$1.59M in Losses

TechFlow News: On June 9, BlockSec Phalcon (@Phalcon_xyz) reported that the $TOP token suffered a governance attack, resulting in losses of approximately $1.59 million. The attacker exploited the token’s low market capitalization to acquire over 50% of voting power at minimal cost. Subsequently, the attacker passed a malicious governance proposal to mint a large quantity of $TOP tokens for themselves and exchanged them for WETH via the Balancer liquidity pool, thereby exhausting the pool’s liquidity. BlockSec Phalcon advises projects using governance mechanisms similar to those of Lido or Aragon to promptly review governance security measures—including voting power distribution, quorum and approval thresholds, and minting permissions.