Ampleforth Faces Malicious Governance Proposal Attack, $2.5 Million USDC Treasury Funds at Risk

TechFlow reports that on September 14, the GoPlus Chinese community issued a security alert stating that on September 12, a newly activated externally owned account address submitted a malicious governance proposal to Ampleforth. Titled “Applying for Grant Funding for Completed Work on the SPOT Ecosystem Analytics Tool,” the proposal aimed to transfer 2.5 million USDC from the treasury to the proposer, accounting for nearly all of the treasury’s liquid funds.

As of this writing, the proposal remains pending with no votes recorded and no funds moved. GoPlus noted that Ampleforth’s proposal submission threshold is 75,000 FORTH, while passing a proposal requires 600,000 FORTH. Based on FORTH’s price of approximately $0.27 at the time of the alert, an attacker would theoretically only need roughly $160,000 to gather enough votes to approve the proposal and transfer $2.5 million worth of USDC. The community is advised to remain vigilant.