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Nefarious Activist Attacks Curve Finance, Steals $570k

Nefarious Activist Attacks Curve Finance, Steals $570k

Sarah
by Sarah
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Recent news has reported another theft incident in the digital currency sector; it occurred in an exchange liquidity pool, Curve Finance. The attackers accomplished their objective by hijacking the DNS of the exchange liquidity pool.

These bad actors used a program that created access to the protocol’s home page. Once the malicious contract was deployed on the protocol’s system home page, it only required approval to access its wallets.

Related Reading: What The Impending “Triple Halvening” Means For The Future Of Ethereum

Binance CEO, Changpeng Zhao, revealed that over $570K was stolen from the protocol’s wallets. He added that the hackers had their way into the protocol’s wallets due to its DNS system. He warned that using GoDaddy for DNS is not ideal, particularly for web3 projects. This is because of its insecurity, adding that GoDaddy is quite vulnerable to manipulations.

They use GoDaddy for DNS, which is insecure. No web3 projects should use that. Very susceptible to social engineering.

— CZ 🔶 BNB (@cz_binance) August 9, 2022

The protocol was swift enough to spot the breach in its DNS. So, it quickly reported the hack of the nameserver, curve.fi. While that is true for the curve.fi nameserver, the curve exchange nameserver remained secure. This was because the DNS provider for the curve exchange nameserver differs from that of the curve finance.

Finance sent another Twitter message stating that the issue had been resolved. According to the message, the protocol has identified and reverted the problem. However, the team was instructed to terminate all the accepted contracts a few hours ago.

Curve Finance Overview

The market has several protocols, of which Curve Finance is the most recognized. It is a protocol with very significant DeFi (decentralized finance) projects.

According to the decentralized finance Llama site tracker data, the protocol’s deposits are over $6 billion. However, this was before the beginning of this year, as there has been a plunge in its deposits. The current figure for the protocol’s deposits, dating from the beginning of 2022, is about $24 billion.

Nefarious Activist Attacks Curve Finance, Steals $570k
Curve Finance is trading sideways on the chart l Source: CRVUSDT from TradingView.com

Furthermore, looking at the market security in the last Q2, there has been a dramatic increase in its exploits. While that is true for the market security, the crypto market has been on the low dating from the same period.

The DeFi sector has recognized Curve Finance as a relevant part of the ecosystem. This is a result of the CRV tokens rewards offered by the protocol. The token rewards were crucial to various protocols in the sector. This is particularly true, as they provided a good source of income for them.

Related Reading: Why The Sanction On Tornado Cash Is A Bear Signal For The Crypto Market

The effect of the rewards is also evident in the Curve DAO Token – CRV. The digital token now trades at $1.27. In addition, the report shows a 10% increase in the last 24 hours, with $660 million as its market cap.

Featured image from Pixabay, charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.

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