Curve Finance effectively solved a hack after suffering an exploit just a few hours ago.
Curve Finance Group reported that he had solved a hack he had suffered on Tuesday, August 9.
The hack was found after a Paradigm researcher informed the group that Curve’s input finish had been compromised.
Following this notification, the Curve team was able to establish and reverse the hack in a statement posted on Twitter just hours ago. The Curve Finance group mentioned;
“The difficulty was discovered and reversed. When you authorized contracts on Curve a few hours ago, please revoke them instantly. Please use http://curve.change for now until http://curve.fi propagation returns to normal”
The Curve Group has asked its band members to revoke any contract endorsements on its platform.
The attacker used a Zone Identification Service (DNS) spoofing hack, cloned Curve’s website, and redirected the DNS level to its IP address. The hacker then added approval requests to a malicious contract to steal the funds.
Following this assault, customers who had linked to Curve with their MetaMask wallets were likely to drop their funds to the hacker.
ZachXBT, an anonymous investigator on the channel, revealed that the attacker took around $570,000. The attacker attempted to transfer the funds via FixedFloat, a fully computerized cryptocurrency exchange on the Bitcoin Lightning community.
Nevertheless, the cryptocurrency switch froze the transaction and recovered around $200,000 of the stolen funds.
TCPShield founder Steven Ferguson mentioned;
“It didn’t look like a hijacking at the registrar level, but absolutely the methods at @iwantmyname got compromised.”
TCPShield is a Distributed Denial of Service (DDoS) security platform.
Curve Finance is probably one of the leading decentralized exchanges in the world, with a total value locked (TVL) of over $6 billion.
DeFi protocols have become the primary target of hackers over the past few months, with major attacks taking place across various blockchains including Solana, Ethereum, and BNB Chain.
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