On July 11, blockchain safety agency PeckShield reported that the web site of Compound Finance (compound[.]finance) had been compromised.

“Do not interact with the website until further notice,” it warned.

The incursion was additionally reported by blockchain sleuth ‘ZachXBT’ on his investigations Telegram channel. The Compound Finance web site appears to “potentially be hijacked,” he stated earlier than including, “do not visit the site for the time being.”

It “currently redirects to a newly registered phishing site,” he cautioned.

Area Hijacking

The web site was unavailable when CryptoPotato tried to entry it, suggesting that the staff had probably taken it down.

There was nothing concerning the incident on the official Compound Labs X account. It’s at present unclear whether or not any customers have misplaced funds as a result of incident.

Area identify hijacking is when hackers achieve unauthorized entry to and management over a web site’s area identify with a view to redirect its customers to a fraudulent website.

It’s normally accomplished by compromising the area registrar account by way of social engineering or phishing assaults, or exploiting vulnerabilities within the area administration system. Nonetheless, there was no additional data on this incident on the time of writing.

Hackers typically goal crypto platforms with a view to steal delicate data by redirecting customers to a faux website to gather login credentials or private knowledge or to unfold malware that might steal crypto belongings.

In November, decentralized cross-chain protocol Frax Finance suffered an analogous area hijacking assault.

Compound Finance is a DeFi lending platform that makes use of algorithmic, autonomous rates of interest.

It at present has a complete worth locked of $2.17 billion, which is down 83% from peak ranges in November 2021, in keeping with DeFiLlama.

COMP Value Response

The DeFi platform’s native token, COMP, hasn’t reacted to the web site hijacking and remained flat on the day, buying and selling at $47.88 on the time of writing.

Nonetheless, like most DeFi belongings, it has been closely battered from its all-time excessive. COMP is at present down virtually 95% from its lofty peak of $910 in Might 2021, in keeping with CoinGecko.