CFTC Initiates Enforcement Sweep Targeting Opyn and Other DeFi Operations
Coinbase-Backed Insurance Disruptor OpenCover Launches on Layer 2 Blockchain
DeFi and Credit Risk
Hackers stole about $570,000 from decentralized finance (DeFi) protocol Curve.Finance, according to a screenshot of the protocol's wallet that was shared on Twitter late Tuesday.
Shortly after that announcement, the people in charge of the protocol said through Telegram that they had found where the problem was coming from and fixed it. They said, "If you have approved any contracts on Curve in the last few hours, please cancel them right away." Users were also told to use curve.exchange until the way curve.fi spreads back to normal.
Curve.Finance is an important part of the DeFi ecosystem because its CRV token rewards emissions are used by other protocols to make money.
The suspected hacker seems to have changed the domain name system (DNS) entry for the protocol, which sent users to a fake clone and gave the go-ahead for a malicious contract. The contract for the program, on the other hand, was not broken.
In response to the hack, the protocol sent out a message on Telegram telling users not to use curve.fi or curve.exchange until the exploit's source is found.
"We are becoming aware of a possible front-end problem that could lead to a bad contract being signed," the Telegram said. "Please don't do any approvals or swaps right now. We are looking for the problem, but for now, do not use curve.fi or curve.exchange.
----------
