DeFi protocol Curve Finance reports frontend hack, theft of $570K
An hour after the initial warning, Curve said it had found and reverted the issue, directing users who had approved any contracts in the last few hours to revoke them 'immediately'.
DeFi protocol Curve Finance on Tuesday took to Twitter to warn its users about an exploit on its site. The team explained that a malicious attack was affecting the service's nameserver and frontend. (A nameserver functions like a directory that translates domain names into IP addresses.)
According to the users, this hack resulted in a theft of over $570,000 in ETH (Ethereum).
Curve Finance, launched in 2020, is a decentralised exchange and automated market maker (AMM) for trading stablecoins and wrapped digital assets like wBTC and tBTC.
Changpeng Zhao, CEO of crypto exchange , also took to Twitter to warn users about the hack and said $570k had been stolen so far.
However, the team quickly resolved the issue. An hour after the initial warning, Curve said it had found and reverted the issue, directing users who had approved any contracts in the last few hours to revoke them “immediately”.
The crypto industry has recently been witnessing hacks and scams, and been hit by snowballing issues. A similar hack on the Solana chain on August 3 led to the loss of funds worth millions across a number of Solana-based wallets, including Slope and Phantom.
Edited by Teja Lele
