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How Did it Happen?
When malevolent hackers targeted Curve front Finance’s end, they found a vulnerability and stole bitcoin worth about 570,000 USD. Curve Finance is a DeFi liquidity pool behemoth. On Tuesday, August 9, 2022, Paradigm security researcher samczsun informed the neighbourhood of Curve’s frontend breach and advised individuals not to use the protocol until further notice.
A few minutes later, the Curve.Finance team issued a warning urging customers not to use the curve.fi site because its domain name system (DNS) had been hacked, and the protocol was looking into the problem. This served as confirmation of the report.
In order to launch the cloned site, hackers cloned the site, made the DNS refer to their IP where the cloned site is deployed, and added approval requests to a fraudulent contract, according to Lefteris Karapetsas, inventor of the open source portfolio tracker and accounting application Rotki.
Accounts Frozen, Hope for Recovery
Users who authorized the deal and were ignorant of the cloning found their bank accounts empty. On-chain detective, ‘ZachXBT’ revealed that hackers had taken ETH valued about 570,000 USD. Fixed Float, a cryptocurrency exchange, disclosed that it had already frozen 112 ETH (188,502 USD as of this writing) linked to the hack. Although there was a difficulty with the curve.fi website, Curve said that since curve.exchange utilized a different DNS provider, it was unaffected. Later, according to the protocol, the problem had been located, fixed, and it had been made clear that all services should be operating normally.
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The firm stated that the problem was identified and corrected. Please immediately rescind any contracts that you just approved on Curve. Please utilize curve.exchange while waiting for curve.fi’s propagation to return to normal.
The most recent cryptocurrency platform to be hacked this month alone is Curve. Nomad Bridge, Solana, and Zb.com were among the other sites targeted in August.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
