Convex Finance Sets Up New Website Addresses After Website Hijack

Five Vulnerable Wallets
Protocol's Website Mimic

Convex Finance, a decentralized staking platform, set up new internet addresses (URLs) after an attack involving the prior address led users to a fraudulent website. The developers stated in a tweet that we had fixed the issue and an investigation is still on. Popular protocol Convex enables customers to profit from the stablecoin swap service Curve Finance. The Domain Name Service (DNS) converts user-typed website names into the standard numeric address coding used on the internet. By intercepting that procedure, it is possible to reroute people to other websites with potentially malicious purposes.

Five Vulnerable Wallets

Alexintosh.eth raised a potential exploit concern last night on Twitter, alleging that approvals for contracts were impersonating wallet addresses and tricking users into approving the wrong wallet operations. Convex then prompted users to "review approvals" as developers looked into a "possible front end issue" shortly after. Convex identified five wallets as being vulnerable to the susceptibility. According to developers, funds on confirmed contracts on Convex were unaffected. Token approvals or rights users give to decentralized apps (dApps) to access tokens in their crypto wallets are the basis of how crypto wallets operate.

Protocol's Website Mimic

In a phishing assault, attackers may mimic a protocol's website's front end to trick users into approving the erroneous action, giving the attacker access to the wallet that has been compromised and enabling them to syphon tokens from that wallet. As alternatives for users, the creators setup "Convexfinance.fi" and "frax.convexfinance.fi." According to a tweet from the site's developers, users are advised to engage with the site using these URLs while the DNS hijack inquiry is ongoing.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

decentralized apps (dApps) Convex Finance Vulnerable Wallets Website Mimic

Convex Finance Sets Up New Website Addresses After Website Hijack

Usha Yadav

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.