solana crypto hack

Curve Finance DNS hacked, attackers stole $570,000 from users’ wallets

In another major security incident in the crypto space, decentralized crypto exchange Curve Finance discovered that its DNS was hacked.

The hackers managed to deploy a malicious contract on the homepage, which, once approved by the victim, would drain users’ wallets completely. According to Binance CEO Changpeng Zhao, the attackers stole more than $570,000 from users’ wallets. CZ further wrote:

They use GoDaddy for DNS, which is insecure. No Web3 project should use this. Very susceptible to social engineering.

Curve Finance became aware of the case and said the nameserver had been compromised. He also said that the doesn’t seem to be affected because it uses a different DNS provider.

Curve Finance fixes and rollbacks the issue

In one of the other Twitter posts, noted that they had found the issue and canceled it. He asked users to immediately revoke any contract. Curve Finance noted:

The problem has been found and resolved. If you have approved contracts on Curve in the past few hours, please revoke them immediately. Please use exchange.curve for now until the spread for returns to normal.

Curve Finance is one of the most prominent decentralized finance (DeFi) projects on the market. According to DeFi website tracker Llama, the protocol has over $6 billion in deposits. This is down from $24 billion in deposits year-to-date. Security exploits have increased over the past quarter and the crypto market crash.

Curve Finance has been considered an integral part of the DeFi ecosystem due to the token reward issuance of CRV tokens. This also serves as a source of revenue for several other protocols in the DeFi ecosystem.

In the past 24 hours, the Curve DAO Token (CRV) has fallen over 10% and is currently trading at $1.27 with a market cap of $660 million.

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and motivates himself by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his cooking skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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