Hey Crypto Companies: You MUST Use Registry Lock – Domain Name Wire
Registry Lock would have likely prevented two recent crypto attacks.
Companies that deal in cryptocurrencies are actually financial institutions, and they need to take extra precautions to prevent domain hijacking.
Last week, SpiritSwap said a hacker had “succeeded in exploiting GoDaddy, basically they hijacked our domain and copied our codebase” to trick users into sending trades to another wallet.
As Molly White of Web 3 is Going Just Great notes, this is likely a case of stolen credentials, not a GoDaddy exploit. Ditto for an attack the previous week involving an MM .finance, a domain at Namecheap.
If a name server change or domain theft can have a direct impact on financial transactions, companies that manage these businesses should use Registry Lock. Registry Lock is a service offered by domain name registries through registrars. Most Registry Lock products prevent users from transferring a domain or changing its nameservers without going through a multi-step process involving both the registrar and the registry.
In the case of Registry Lock on .com domains, which are operated by Verisign, a domain owner who wishes to change their nameservers must first contact their registrar. This would trigger a process where the registry manually verifies the request.
Not all registries offer Registry Lock, and not all registrars offer it even when the registry does. Donuts, which runs .finance, doesn’t offer it. I would expect him to offer it in the future because Afilias, which Donuts acquired in 2020, offered it.
When I last checked two years ago, GoDaddy didn’t offer Registry Lock, but it does offer TLD-agnostic services that might help prevent theft or hacking.