DeFi Protocol Curve.Finance Slashed by Hackers

Defi Protocol Curve Finance to Launch ‘Crvusd’ Stablecoin
  •  Over $573,000 was stolen as the result of a front-end website exploit.
  • Curve.exchange appeared to be unaffected by the hack.

The decentralized finance (DeFi) protocol Curve.Finance has been the new target for the hackers on late Tuesday. According to a tweet alert from the Curve, Iwantmyname, a provider of DNS servers, was most likely compromised, and the attacker stole over $570,000 from the platform. 

Later, Curve.Finance developers recognized the problem that was affecting the service nameserver and frontend, which seemed to be a malicious actor attack. Additionally, the protocol urged users to use curve.exchange until curve.fi’s propagation returned to normal. Curve.exchange which is a separate service, appears to be unaffected by the hackers.  According to on-chain data, stolen funds were worth almost $573,000 and attackers quickly exchanged the funds for ETH tokens.

Raising Concerns Over Hacking Attempts

The crypto industry is experiencing an increase in hacking activity. Since Q4 2021, more than $1 billion has been stolen from cryptocurrency projects. The majority of cryptocurrency hacks target DeFi projects, but it is gradually moving to other areas of the cryptocurrency market.

Most recently, hackers broke into Nomad, a platform that allows token swaps between blockchains, and took almost $200 million in cryptocurrencies. The attack was yet another incident of hackers reaping the benefits of a breach in the DeFi market.

Furthermore, one of the most notable hack occurred on the blockchain bridge Ronin, in April, during the attack, around $600 worth of cryptocurrencies were stolen by the hacker. According to US authorities, the attack was carried out by a group supported by North Korea. A few months later, a similar hack cost $100 million from the platform on another bridge called Harmony.

Top hackers are frequently targeting blockchain bridges because hackers consider them to be simple targets. The need for more advanced security measures and actions to better protect these protocols has increased as a result of these attacks.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.