Convex Finance Suffers From DNS Attack

June 24, 2022 - Around 2 mins mins to read

On June 24, the DeFi market continued to face many difficulties with cross-chain bridge attacks. The form of attack pretending to be DNS has also been used by hackers with Convex Finance, the market-leading yield solution.

In a recent tweet, Convex said the domain address convexfinance.com had been stolen. With control of Convex’s root domain, hackers inserted source code to “trick” users into interacting with dangerous contracts.

Investigation is still ongoing, but a quick update for the community:
– DNS for https://t.co/5rSUjMgY4u was hijacked, prompting users to approve malicious contracts for some interactions on the site.
– Funds on verified contracts are unaffected.
— Convex Finance (@ConvexFinance) June 23, 2022

Convex Finance has also recommended users revoke and deauthorize recently interacted contracts to minimize unnecessary situations.

Also on June 23, the Horizon bridge of the Harmony blockchain was also attacked by hackers, with an estimated $181 million in damage.

On the same day, the Allbridge bridge side also asked users to revoke contracts that have been interacted recently. The team did not officially announce the reason, but according to information from Twitter, this is a measure to reduce risk to user assets.

[1/2] We have further investigated the bridge interface issue.

We kindly ask the users to revoke the approval they did for the bridge throughout the past week.

The interface has been updated to provide a warning to the affected wallets when they are connected to the bridge. pic.twitter.com/kHFNRMd2P2
— Allbridge (@Allbridge_io) June 23, 2022

Back to the Convex Finance case, according to the latest announcement, the above issue has been temporarily handled. However, post-mortem reports following this incident will be posted soon.

– Issue is remediated at this time, but investigation is ongoing. Full post-mortem to follow.

At this time, 5 addresses seem to have approved malicious contracts (in the tweet below). If you are the owner of one of these addresses, please reach out via Twitter DM or Discord.
— Convex Finance (@ConvexFinance) June 23, 2022

In addition, the project said that 5 wallet addresses interacted with the malicious contract inserted. Convex Finance also said users need to contact the project to proceed with the processing steps.

DeFi has long had a lot of security problems because it is a newly developed market and does not have an appropriate legal framework. Therefore, users when using DeFi products need to take security measures to proactively protect their assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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