Gemini DeFi Governance Flagged High-Risk With 7.4/10 Score Across Nine Attack Vectors

A security review of Gemini's on-chain governance framework, covering a protocol with approximately $5.64 billion in total value locked across Ethereum and Layer 2 networks, has assigned an overall risk score of 7.4 out of 10. Researchers identified nine distinct attack vectors, including concentrated voting power held by just five addresses, a single-signer timelock administrator with no multi-signature safeguard, and upgradeable proxy contracts lacking secondary confirmation controls. The most critical findings warn that a successful exploit could grant an adversary full treasury control, the ability to mint unlimited Gemini tokens, or the power to freeze the protocol's cross-chain bridge. Notably, most vulnerabilities stem from governance design assumptions rather than straightforward code bugs, meaning fixes would require protocol-level redesign or formal policy changes. The report calls for prioritized technical and governance reforms to reduce the attack surface to an acceptable level before the risks can be exploited.