Decentralized cross-chain protocol Frax Finance fell victim to a domain hijacking incident early Wednesday. Thus, it left the altcoin community in shock. The Frax website appears to be operating normally now. However, founder Sam Kazemian expressed concerns about the security and integrity of the platform. Here are the details…
Domain anxiety in the altcoin project
Frax Finance’s “frax.finance” domain was the target of this troubling incident. The site currently points to the correct nameserver. It also installs the original Frax UI, but the underlying problem remains a mystery. Sam Kazemian, founder of Frax Finance, made a statement on the issue. “The current nameserver belongs to us and the actual Frax UI. However, we have not heard back from domain registrar name.com as to what is causing the actual problem. “So we can’t be 100% sure that frax.finance is safe to use in case you get hacked again,” he said.
Domain Name System (DNS) hijacking is a dangerous cyber attack in which a domain registrar redirects users to a malicious site that closely resembles the real site to phish users into handing over their credentials. These types of attacks have become increasingly common in the crypto space, where DeFi projects are prime targets. Especially in 2022, another DeFi project, Convex Finance, faced a similar situation. Because after their original URLs were captured and manipulated, they were forced to create new website addresses and redirected users to malicious websites.
No funds were stolen
Despite the alarming situation, Name.com, the domain registrar responsible for frax.finance, did not respond to requests for comment, leaving the Frax Finance team and the crypto community at large in the dark as to the root cause of this troubling event. It is very important to note that as of now, no user funds have been reported to have been stolen by the attacker. This provides some consolation to the Frax Finance community.
Sam Kazemian emphasized that his team was surprised by this incident and that they did not detect any vulnerabilities in their email or password security. “It doesn’t look like we did anything wrong. “So until they tell us the account is safe, we can’t say it’s safe,” he said. The cryptocurrency community is awaiting further details regarding this mysterious domain hijacking. Additionally, Frax Finance hopes for a quick solution to ensure the continued security of its users. This troubling incident is a reminder of the threats the cryptocurrency industry has always faced. He also underlines the need to be more careful and increase security measures in the field of altcoins and DeFi.
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