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CDS Crypto News Understanding the Threat: Celer and Compound Hacked

Crypto News

Understanding the Threat: Celer and Compound Hacked

lectertodd11/07/20241 Mins read76

Understanding the Threat Celer and Compound Hacked

Celer and Compound Hacked: Security Threats for Other DeFi Platforms

The websites of well-known decentralized finance (DeFi) services Compound Finance and Celer became the targets of hackers. The DeFi community has expressed anxiety over the breaches, and other big platforms may be at risk.

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The group behind Compound Finance, Compound Labs, recently revealed that its website had been hacked. The team vowed to offer updates as soon as they became available and advised visitors not to access the website or click any links until further notice. Three hours after Compound Labs made their disclosure, Celer Network sent a warning along these lines. Users were advised not to visit the bridge or the company’s official website. “Investigating a potential DNS domain attack that seems to be hitting multiple projects at the same time,” the team said in its statement. However, Celer Network guarantees the security of its systems and funds in spite of this warning.

Blockchain Security Experts: Squarespace Weaknesses Endanger DeFi Platforms

Experts in blockchain security have commented on the matter, including Samczsun, a researcher at Paradigm, and 0xngmi, the founder of DefiLlama. They believe the intrusions could be related to weaknesses in Squarespace, the website registrar. Approximately sixty-five more DeFi platform domains related to Squarespace may be vulnerable, according to 0xngmi. Notable figures like dYdX and Pendle are also included. For the time being, the community is advised by 0xngmi to stay away from these websites.

Consider transferring your domain to one of these instead: Cloudflare, AWS Cloud, Route 53, MarkMonitor, or CSCDBS,
Samczsun

FAQ

What do These Hacks Mean for DeFi Platforms?

These hacks could raise concerns about the security of DeFi platforms and undermine user confidence in them. It could also raise the need for more regulation and security measures.

Why are Other DeFi Platforms Such as dYdX and Pendle at Risk?

Other DeFi platforms, such as dYdX and Pendle, may have similar vulnerabilities, making them potential targets for hackers.

How can Users Ensure Their Security on DeFi Platforms?

Users can increase their security by using strong passwords, enabling two-factor authentication (2FA), and only interacting with trusted wallets and exchanges.

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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.