Onyx DAO Treasury Exploit Results in $2.91 Million Loss

On October 6, 2026, security firm Blockaid reported a significant exploit involving the Onyx DAO treasury on the Ethereum blockchain. An attacker utilized a governance proposal to withdraw approximately 620 million XCN tokens, valued at around $2.91 million, from the treasury. The exploit was executed through Onyx's governance framework, which includes a proposal threshold, quorum requirement, and a two-day timelock meant to allow community scrutiny before execution.

The attacker successfully navigated all three governance checks, leading to the transfer of funds after the timelock period had elapsed. Blockaid's alert provided details of the transaction and identified the wallets associated with the attacker. The compromised treasury address is 0x28CA9CaAE31602D0312Ebf6466c9dD57FCA5da93, while the receiving wallets are 0xcBbA8B308c29c22158f5602793FE1eA361AfB9e0 and 0xb12aD23d4394A41C859d48c73CEd40Be6BF758c4.

This incident marks another security challenge for Onyx, which previously faced vulnerabilities in 2023 and 2024, resulting in losses exceeding $3.8 million. The community's response to past incidents has included recovery measures and discussions on improving governance structures to prevent similar exploits in the future. Recommendations include implementing multi-signature requirements for treasury movements and enhancing voting protocols to mitigate the risk of concentrated voting power.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News