Hifi Finance Urges Collateral Withdrawals After DAO Takeover

Hifi Finance urged users to withdraw collateral after the protocol said a DAO takeover left HIFI holders without practical control of its lending system, governance contract and token supply. The core team acknowledged it did not detect or stop the takeover in time. It said it had taken steps to limit the impact and estimated total losses at about $20,000, with the final amount still unconfirmed. The team said the DAO has enough resources to fully compensate affected users. Liquidity owned by the DAO on decentralized exchanges has been permanently withdrawn.