Despite all the positive things crypto and blockchain bring to the table, there is also an unfortunate side to the story. Since this emerging technology has not yet matured enough, it is prone to malicious external attacks and hacks that periodically occur on a massive scale. The most significant recent exploit happened to Axie Infinity when more than $614 million were stolen from the world’s most popular crypto game.
The second biggest theft occurred last year when $611m was snatched from Poly Network, a smart contract platform enabling users to exchange tokens between disparate blockchains. Evidently, in both cases, both projects were the top of the line when it came to crypto development, and yet they still suffered an unfortunate fate. In today’s editorial, I would like to consider the latest crypto exploit, which happened to Curve finance, to see what went wrong. Let’s dig in.
Hack Facilitated By The US Asset Control Agency
Decentralized finance protocols are continued to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised. While the exact attack mechanism is still under investigation, the consensus among the analysts is that attackers managed to mirror the Curve Finance website and rerouted the DNS server to the fake page.
The unfortunate users who attempted to interact with the platform had their funds drained to a pool operated by the attackers. The stolen funds were immediately converted to ETH, totalling 363 ETH worth or $615,000.
Utilizing its blockchain analytics tools, Elliptic, a blockchain analytic firm, traced the stolen funds to various exchanges, wallets and mixers. The most interesting part of this story is that 27 ETH was laundered through the United States Office of Foreign Affairs Assets-Control under a catchy name – Tornado Cash.
Although the platform managed to freeze 112 ETH and confirmed the movement of funds, the damage was already done.
Youniverze: DeFi Without Borders
DeFi is probably crypto’s most vulnerable place, especially susceptible to various exploits and hacks. This is why you must choose only trustworthy platforms when engaging in DeFi activities, like staking and yield farming.
A potential candidate for you to check out is the upcoming platform Youniverze Finance, which is set to elevate the world of decentralized finances to a new level. According to Interactive Crypto, this platform stands out from the competition because it delivers a very easy-to-navigate experience in crypto. Regardless if you are a crypto veteran or only a newcomer, with Youniverze Finance, you will not leave disappointed.
On top of that, to deliver only the best possible prices for its customers, Youniverze Finance will act as a bridge to provide the most cost-effective and cheapest swap rate for a number of different tokens.
Hacks, scams and other forms of malicious activities have always been a big part of traditional finances, and it is only natural they have also become prominent in crypto. The biggest takeaway from this editorial is that since crypto technology is not mature enough, you should always be very careful. Remember to do your own research and be cautious with where you connect your extension wallet.
If you want to learn more about Youniverze Finance, visit this website.
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