BREAKING: Curve Finance team warns users to avoid using site until further notice

Curve Finance, an automated market maker, took to Twitter on Aug 9 to alert users about an ongoing exploit at its site. The protocol’s team noted that the problem, which appeared to be an attack by a malicious actor on the service’s frontend and nameserver, was being addressed.

Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigating continues: It is possible that the NS has a problem.
— Curve Finance (@CurveFinance), August 9, 2022

Curve, via Twitter, stated that its exchange — a separate product — was unaffected due to the fact it uses a different DNS provider. However, Curve advised users to be cautious when interacting with its site.

Although you need to proceed with caution, but https://t.co/6ZFhcToWoJ seems to be unaffected – uses a different DNS provider
— Curve Finance (@CurveFinance), August 9, 2022

LefterisJP, a Twitter user, speculated that the attacker may have used DNS spoofing in order to exploit the service.

It is DNS spoofing. Cloned the site, pointed the DNS to the IP address of the cloned site, and added permission requests for a malicious contract.
Hiring for @rotkiapp (@LefterisJP) August 9, 2022

Others in the DeFi community quickly took to Twitter and shared the message with their followers. Some pointed out that the alleged thief may have stolen more than $573K USD as of publication.

Attention @CurveFinance Users! Their frontend has been compromised It is best to not touch it until further notice. It is believed to have been stolen for $570k so far #defi $crypto
— AssureDeFi (@AssureDefi), August 9, 2022

Analysts suggested in July that they were favorably considering Curve Finance despite the ongoing market downturn. Researchers at Delphi Digital cited three reasons for their optimism: the platform’s yield potential, demand for CRV deposits and revenue generation from stablecoin liquidity.

The platform released a new algorithm for exchanging volatile assets in June. This promised low-slippage swaps of “volatile” assets. These pools are a mix of an internal oracle that relies on Exponential moving averages (EMAs), and a bonding curve model. This was previously used by AMMs like Uniswap.

This story is still in development and will be updated when more information becomes available.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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