Convex Finance Suffers a Security Breach, Initiates Alternate Domains for Users
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- Convex Finance enjoins users to subscribe to any of the two highlighted URLS to communicate with the network as it persists with the investigation of the exploitation.
Convex Finance has suffered a security breach on its DNS network. The protocol confirmed the development in a Twitter post relayed on its verified handle on Thursday. As announced, its DNS network was overtly hijacked by exploiters who compelled unsuspecting users to approve several malicious contracts.
Convex Finance in the post confirmed that the hijacker intended to make users affect some interactions on the network with the approval. However, its developers have begun a thorough investigation into the circumstances which fermented the attempted exploitation. More so, the platform maintained that although the hijacker prompted the unsuspecting users to approve malicious contracts on the network, its funds on verified contracts remain safe.
Investigation is still ongoing, but a quick update for the community:
– DNS for https://t.co/5rSUjMgY4u was hijacked, prompting users to approve malicious contracts for some interactions on the site.
– Funds on verified contracts are unaffected.— Convex Finance (@ConvexFinance) June 23, 2022
Convex Finance lists addresses of involved users
Reportedly, around 5 unidentified users reportedly approved the malicious contracts relayed by the exploiter. It, however, listed the addresses of the involved users and urged them to reach out to the platform via its Twitter handle or Discord. The highlighted addresses include 0x496e53c32a69a79a82ed85d2913010dd2f9d1b4f, 0x4ffc5f22770ab6046c8d66dabae3a9cd1e7a03e7, 0x5b186c93a50d3cb435fe2933427d36e6dc688e4b, 0x624301090700ea1e3c5b5224f89adfae405412c1, and 0x92557b6ffa116b53cf2c3bc1d6d33f78d97ed4c9.
Convex Finance admonishes its users to check for their addresses and do the needful if involved. In addition, the protocol said it is currently evaluating the situation and will surely commence a robust post-mortem on the exploitation afterward.
As a precautionary measure, the developer immediately devised alternate domains for users to interact with the platform. The newly initiated alternate domains are https://t.co/SlybjEAznp and https://t.co/lMZL6Rm2FO. Convex Finance enjoins users to subscribe to any of the two highlighted URLS to communicate with the network as it persists with the investigation of the exploitation.
Key notes
Built on a stablecoin exchange, Convex Finance emerged as an innovative DeFi protocol, which provides a platform for CRV holders, and Curve liquidity service providers to rake in lucrative interest rewards.
Notably, subscribers of the protocol usually pool their assets together to secure more CVR for the platform. Afterwards, the CVR becomes converted into veCVR. Hence enabling Convex finance users to acquire maximum rewards.
Its native token, identified as CVX is used to avail users with a percentage of the incurred Convex platform fees. Users, however, rake in the fees by staking their CVX in return for cvxCRV tokens. Reportedly, the protocol also intends to grant governance status to users with the native tokens. As of publication time, the token is valued at about $4.50 with a 24-hour trading volume of over $7,113,580, according to coinmarketcap.
Unlike other protocols, Convex Finance charges no withdrawal costs. Stakers deposit their tokens on the platform and can decide to withdraw the tokens anytime with a percentage reward from the network’s transaction fees.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
