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Curve Finance Robbed for $573K After Modifying DNS Protocol

Curve Finance Robbed for $573K After Modifying DNS Protocol

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Hackers strike again, this time targeting DeFi protocol Curve Finance.

Curve Finance, an automated market maker protocol founded by Michael Egorov in 2020, attacked by an unknown hacker.

On August 9, the company warned its users on Twitter possible hacking of the company’s curve.fi website. In its original tweet, Curve Finance stated that the issues raised were affects the service’s name server and user interface.

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The company is also on Twitter considered that their exchange platform worked properly with no noticeable differences.

Soon after, the company shared another tweet saying that “the issue has been discovered and fixed,” warning users to “immediately” cancel their contracts if they’ve accepted any of them.

It seems that the hacker is changed the DNS protocol entry to a cloned version of the official Curve Finance site. Meanwhile crack hackingTwitter user DeFi Pontifexsaid:

They provided the IP address of their own server and created an identical web application. However, they introduced new smart contracts to steal money. Unknowing users thought they were using @CurveFinance, but accepted transactions that stole their funds.

Also other companies like Assure DeFi used Twitter to warn its users about an ongoing attack and expose it a hacker has stolen $573,000.

It is also assumed that the hacker used the crypto exchange FixedFloat to transfer the stolen funds. When the company identified the hacker, it used Twitter inform which its security team has frozen 112 ETH (worth about $191,000) as part of the stolen funds.

The hacker initially started transferring the stolen funds in 45 ETH increments, then in 20-22 ETH increments.

In other news, in June, Curve Finance announced the release of its new algorithm designed to ensure successful trades between volatile assets.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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