Site Exploit Fixed By Curve Finance, Users Advised To Revoke Contracts Placed Recently

It was on Tuesday when Curve Finance made an announcement through Twitter for its users. The automated market marker had announced that it had fallen prey to an exploit.

Curve Finance Site Suffered a Site Exploit

Curve Finance had communicated through Twitter on Tuesday that it had suffered an exploit on its site. It had warned all of the users through Twitter about the exploit that had taken place.

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The teams that were monitoring and investigating the exploit attempt confirmed that it was due to a malicious attempt.

The malicious actor was what had caused a huge impact on their frontend and nameserver service.

No Harm to the Exchange

Right after Curve’s announcement through Twitter, many feared that the Curve Finance exchange had also been exploited.

However, the Curve Finance team confirmed that no harm had been caused to their exchange. The teams made it very clear that their exchange is a completely separate product.

This means that the hackers had to exploit the exchange separately but it had not happened at all. They confirmed that by a different product, they meant a completely different DNS.

Curve Team Handled to Exploit Swiftly

However, just as the exploit was established by the Curve team, they wasted no time and dealt with it right away.

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The Curve teams took care of the exploit an hour after the warning they issued to the users over Twitter.

The teams confirmed that they had found the root cause of the problem and had fixed it so the issue could be reverted.

However, the team did issue a request for the users who had already approved new contracts in the past few hours. The team asked them to act immediately and revoke the contracts without wasting any time.

Iwantmayname was hacked

While carrying out the investigation, the Curve Finance team confirmed that the DNS that the cybercriminals had targeted was ‘Iwantmyname’.

Right after finding the particular DNS, they went on to change the nameserver for the particular DNS, which solved the issue.

The purpose of the nameserver for the DNS is to act like a directory. However, the function of the particular directory is domain names’ translations. Once the domain names are translated, they are converted to IP addresses.

Claim by LefterisJP

A Curve Finance and a Twitter user ‘LefterisJP’, claimed that the DNS spoofing was used by the hackers for exploitation.

LefterisJP alongside other Curve Finance users claimed that the hackers had reportedly stolen $573k worth of funds. Still, the decentralized finance (DeFi) space does not seem to have been impacted much with such an exploit.

At the time of writing, the trading price of Curve DAO Token (CRV) is $1.47. It has experienced a 3.10% surge in the past 24 hours. This means that despite the exploit, the investors are still coming back to the protocol as normal.