Dev says MakerDAO attackers could turn $20M in Ethereum into $340M almost instantly
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Dev says MakerDAO attackers could turn $20M in Ethereum into $340M almost instantly
A software developer claims to have found a way in which to make an "incredibly profitable" but "expensive" attack to steal all the Ethereum available in MakerDAO.
Micah Zoltu described the potential attack in a blog post published on Monday, noting a successful attack could see the hacker "ride off into the sunset with $340 million worth of Ethereum."
"The problem is, Maker Foundation has decided that the appropriate value for this governance delay is 0 seconds. That is right, defenders have 0 seconds to defend against an attack launched by a wealthy but malicious party," he adds in the post.
The issue, Zoltu notes, lies in the way in which MakerDao is governed. "Some groups of plutocrats can control how the system behaves."
In order to carry out the attack, the hacker would have to deploy approximately $20 million (40,000 MKR), which wouldn't necessarily be straightforward. CoinDesk reports that the person would need to buy MKR without affecting the price, which is, of course, unlikely.
Zoltu claims Maker has been awa