ZachXBT Reports Compound Finance Website Attack

Cryptocurrency investigator ZachXBT reports that the Compound Finance website appears to have been compromised by hackers.

Zachxbt Reports Compound Finance Website Attack

In a recent post on Telegram, ZachXBT informed the community about the official Compound Finance website being compromised and advised users to avoid it due to potential asset and security risks.

compound

Compound Finance Confirms the Incident

A member of the Compound Finance team confirmed this information and advised users to avoid interacting with their compromised website.

Michael Lewellen, a security adviser at Compound Finance DAO, revealed that the URL had been compromised and was currently hosting a phishing platform.

Notably, this is not the first time Compound Finance has faced such security breaches.

In 2023, the official account of this decentralized finance (DeFi) protocol was hijacked by hackers who exploited the company’s social media platform to promote a phishing website.

The compromised account posted an advertisement offering free crypto tokens and directed users to click on a link impersonating the official site.

However, the scam was swiftly identified and flagged by vigilant users.

Cybersecurity blogger Officer’s Notes and blockchain security platform Scam Sniffer both confirmed that the compromised account had been sharing phishing links.

Related: Binance Freezes $5 Million USD in Relation to BtcTurk Exchange Hack

Ronghui Gu Concerns Over Crypto-Related Attacks

Hacks in the second quarter of 2024
Hacks in the second quarter of 2024

Earlier this year, on April 4, CertiK co-founder and CEO Ronghui Gu urged the crypto community to proactively prepare for security attacks as the market continued to expand.

He noted a concerning rise in phishing attacks within the crypto space, prompting calls for enhanced security measures.

In a recent report on July 3, the company noted that losses from crypto security incidents had amounted to $1.19 billion in the first half of 2024, with nearly $498 million attributed to phishing attacks.

Gu emphasized the importance of implementing multifactor authentication and adopting robust security measures to mitigate such risks.

(1 vote)

5.0/5

(1 vote)

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.