thenewscrypto.com
- Over $573,000 was stolen result of an exploit of the website’s front end
- Curve.exchange appeared to be unaffected by the hack.
The decentralized (DeFi) protocol Curve.Finance has been the new target of the hacker 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.
Don't use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem
— Curve Finance (@CurveFinance) August 9, 2022
Later, Curve.Finance developers recognized the problem, which seemed to be a malicious actor’s attack, was affecting the service’s nameserver and frontend. Additionally, the protocol urged users to use curve.exchange until curve.fi’s propagation returned to normal. Curve.exchange is a separate service, it appeared 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 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.
One of the most notable hacks 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 have frequently targeted blockchain bridges because hackers consider they are 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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