Curve Finance Addresses Issue with Hacker. Here’s What Happened
- Curve Finance is the latest crypto project to suffer a hack in recent days.
Curve Finance, a popular automated market maker, took to its Twitter page to warn its users of an attack on its site that was affecting the frontend and nameserver. The attacker was allegedly a hacker trying to exploit the platform and steal funds from unsuspecting users.
Curve later announced that its team had discovered and resolved the issue with the site. It, however, urged users who had approved any contracts on Curve to revoke them. It said in a Twitter message
The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use http://curve.exchange for now until the propagation for http://curve.fi reverts to normal
The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use https://t.co/6ZFhcToWoJ for now until the propagation for https://t.co/vOeMYOTq0l reverts to normal
— Curve Finance (@CurveFinance) August 9, 2022
Curve revealed that the problem could possibly have been a result of a hack on the domain name server (DNS) provider ‘iwantmyname. Several crypto users also raised awareness of the situation, with some claiming that the hacker had stolen more than $500k.
According to on-chain data, the malicious contract has so far taken approximately $573,000 in USDC and DAI from eight different victims. The attacker quickly transferred the funds to his/her wallet and swapped them for ETH tokens. The hacker had reportedly used sanctioned crypto mixer, Tornado Cash to move funds as of writing.
Hackers are becoming increasingly present in the crypto space. Over $1 billion has been stolen from crypto projects since Q4 2021. Although DeFi projects are the most common targets in crypto hacks, the situation is quickly spreading to other parts of the industry.
Most recently, hackers stole nearly $200 million in cryptocurrency from Nomad, a platform that enables token swaps between blockchains. The attack was another case of hackers exploiting the weakness in the DeFi industry.
One of the most notable hacks occurred in April, involving Ronin, a blockchain bridge. About $600 in cryptocurrency was stolen during the attack. US authorities believe a North Korea-backed group was responsible for the attack. A few months later, another bridge, Harmony, suffered a similar hack that erased $100 million from the platform.
Top hackers believe blockchain bridges are easy to attack and have often targeted them. These attacks have led to increased demands for more enhanced securities and measures to better safeguard these protocols.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
