hold or not - Celer Network Attack Is Causing DeFi Chaos Along With Compound Crash

BTC $57402.78 -0.79%

ETH $3113.602 -0.73%

BNB $525.231 -0.20%

XRP $0.441 1.46%

BTC ETH BNB ADA SOL AVAX DOGE LINK TRX

USD EUR GBP JPY AUD CAD CHF CNY

Convert

LIVE UPDATES • US Lawmakers Demand Release Binance Executives by Nigerian Government! • Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025 • Hamster Kombat Second Airdrop Will Be Launched In The Next 2 Years • SEC Investigation Into Paxos Now Ends With Softer BUSD Classification • Iggy Azalea’s MOTHER Token Surges 47% Post DWF Labs Partnership! • TRON ($TRX) and XRP ($XRP) Shine, But DigiHorse Empires ($DIGI) is the Next Big Thing You Can’t Afford to Miss • JPMorgan Crypto Prediction Shows A Strong Market Rebound In August • DefiLlama Founder Warns: 100+ Crypto Domains Vulnerable to Attacks! • $100B Illegal Crypto Surge Hits Stablecoins, Exchanges! • Celer Network Attack Is Causing DeFi Chaos Along With Compound Crash

News Celer Network Attack Is Causing DeFi Chaos Along With Compound Crash 2 hours ago - Around 2 mins mins to read

Key Points:

Celer Network attack is causing users to malicious phishing sites, although the company assures their systems and funds are secure.

Hackers employed ‘front-end’ attacks by compromising DNS registrars and replacing legitimate websites with fraudulent versions to steal funds.

In a coordinated attack on Thursday, the websites of Celer Network and Compound Finance were compromised, redirecting users to malicious phishing sites.

Celer Network Attack Targeted in Phishing Websites

Celer Network informed its users four hours after the attack, warning them to avoid celer.network and cbridge.celer.network while they investigated a potential DNS domain attack. Despite the Celer Network attack, it assured that their systems and funds remained secure and promised further updates as the situation evolved.

The Celer Network attack used is known as a ‘front-end’ attack, where hackers replace the project’s legitimate website with a fraudulent version. The method does not exploit vulnerabilities in smart contract code but instead targets the domain name service (DNS) registrar. Attackers often use social engineering or financial incentives to compromise the DNS registrar, redirecting users to phishing sites.

Security Flaws in Squarespace Linked to Multiple DeFi Hacks

Security researcher Samczsun and DeFiLlama’s 0xngmi have identified the common link between the affected projects as their use of Squarespace for web hosting. 0xngmi has compiled a list of other potentially at-risk domains, highlighting a broader vulnerability in the DeFi space.

Earlier today, Compound Finance‘s frontend was similarly compromised, leading users to a phishing site at compound-finance.app. Security expert Michael Lewellen noted that this site could drain users’ funds if they interact with it, though the core Compound protocol and user deposits remain unaffected.

These attacks are part of a larger trend where hackers clone original websites, swapping out key elements to execute malicious transactions. These can transfer funds to hacker-controlled addresses or harvest token approvals. Other large DeFi projects using Squarespace, such as Pendle, Karak, Hyperliquid, and dYdX, may also be at risk of similar attacks.

Celer Network compound finance DeFi DNS DNS domain attack Phishing attack

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Related Posts

US Regulators Causing Panic of Crypto Banking Services, Former Solicitors General Accuses Spot Ethereum ETF Launch Likely Set for July 15 Bitcoin ETF Inflow Sees Surge Admid Market Downturn Goldman Sachs Tokenization Projects Expected to Launch in 2024 Danish Self-custodial Wallet Ban Is Not Now Available Bitcoin Spot ETFs See $216M Net Inflow, BlackRock and Fidelity Lead Gains! Malaysian Crypto Miners Stole $722 Million in Electricity from 2018 Biden Replacement Memecoins Surge 200% Amidst Election Doubts Rise

News

Celer Network Attack Is Causing DeFi Chaos Along With Compound Crash