DeFi

Over 120 DeFi Protocols Threatened by Alleged Squarespace DNS Attack

Published

9 months ago

11 July, 2024

CoinFlix Staff

Over 120 DeFi Protocols Threatened by Alleged Squarespace DNS Attack

Key points to remember

Blockaid has identified a DNS attack targeting DeFi applications hosted on Squarespace.
MetaMask actively warns users about compromised DeFi applications.

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Blockchain security firm Blockaid has warned of a potentially widespread domain hijacking incident affecting Compound, Celer Network, and potentially 120 other protocols. reportA new frontal attack was detected today, July 11, preceded by an initially benign attack on July 6.

This development follows a report from Crypto Briefing published earlier today on Confirmation from Compound Labs that the front-end of their website, composed[.]Finances were compromised. Blockaid notes that the attacker also attempted to compromise Celer Network after taking control of Compound’s DNS.

The attack was first detected when users noticed Compound’s interface on Compound[.]finance redirecting to a malicious website containing a token draining application. Celer Network also confirmed a attempted takeover of his domain, which was thwarted by his surveillance system.

Blockaid’s investigation suggests that the attacker is specifically targeting domain names provided by Squarespace, potentially putting any DeFi applications using a Squarespace domain at risk.

“Based on initial assessment, it appears that the attackers are operating by hijacking DNS records of projects hosted on SquareSpace,” the security firm said. indicated on X.

0xngmi, developer of blockchain analytics platform DefiLlama, has shared a list of 125 DeFi protocols that could be affected by this attack. The list includes major projects such as Thorchain, Aptos Labs, Near, Flare, Pendle Finance, dYdX, Polymarket, Satoshi Protocol, Nirvana, Ferrum, and MantaDAO, among others.

In response to the threat, Web3 wallet MetaMask announcement The company is working to warn users of potentially compromised applications associated with the attack. “For those of you using MetaMask, you will see a warning provided by @blockaid_ if you attempt to transact on a known site involved in this current attack,” the company said.

This domain name hijacking incident is the latest in a series of attacks targeting the DeFi sector. In December, a similar attack saw Malicious code injected into Ledger Connect libraryaffecting a large part of the Ethereum virtual machine ecosystem.

Possible exploitation methods

The possible DNS attack on over 120 DeFi protocols has sparked speculation about the potential exploitation methods employed.

According to a security researcher in direct contact with this author, possible methods could range from sophisticated pre-registration tactics, in which threat actors may have registered domains before the transfers from Google to Squarespace were completed, to mass domain registrations potentially mixed with legitimate Squarespace domains.

The researcher, who responded to questions on condition of anonymity, noted that this series of incidents could also have been carried out through DNS cache poisoning, more commonly known as DNS spoofing, a method in which false data is injected into a DNS cache, causing DNS queries to return an incorrect response, directing users to bogus, potentially malicious websites.

Based on this author’s conversations with the security researcher, more alarming theories suggest a direct breach of Squarespace’s security, potentially allowing attackers to manipulate DNS records directly from the source.

While a typical domain transfer hold period makes some attack vectors less likely, the large-scale impact suggests a systemic vulnerability. For context, Squarespace announced that it has completed the acquisition of Google’s domain activity on September 7, 2023.

It is important to note that these are speculative theories and not confirmed facts about the attack method. The exploit likely used a combination of tactics or a yet-undisclosed vulnerability in the domain management system.

This story is developing and will be updated. Crypto Briefing has reached out to Squarespace for comment.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

9 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

9 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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