BREAKING: Curve Finance team warns users to avoid using site until further notice

Curve Finance, an automated market maker, took to Twitter on Aug 9 to alert users about an ongoing exploit at its site. The protocol’s team noted that the problem, which appeared to be an attack by a malicious actor on the service’s frontend and nameserver, was being addressed.

Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigating continues: It is possible that the NS has a problem.
— Curve Finance (@CurveFinance), August 9, 2022

Curve, via Twitter, stated that its exchange, which is a distinct product and uses a different DNS provider, appeared unaffected. However, Curve advised users to be cautious when interacting with its site.

Although you need to proceed with caution, but https://t.co/6ZFhcToWoJ seems to be unaffected – uses a different DNS provider
— Curve Finance (@CurveFinance), August 9, 2022

LefterisJP, a Twitter user, speculated that the attacker may have used DNS spoofing in order to exploit the service.

It is DNS spoofing. Cloned the site, pointed the DNS to the IP address of the cloned site, and added permission requests for a malicious contract.
Hiring for @rotkiapp (@LefterisJP) August 9, 2022

Others in the DeFi community quickly took to Twitter and shared the message with their followers. Some pointed out that the alleged thief may have stolen more than $573K USD as of publication.

Attention @CurveFinance Users! Their frontend has been compromised It is best to not touch it until further notice. It is believed to have been stolen for $570k so far #defi $crypto
— AssureDeFi (@AssureDefi), August 9, 2022

Analysts suggested in July that they were favorably considering Curve Finance despite the ongoing market downturn. Researchers at Delphi Digital cited three reasons for their optimism: the platform’s yield potential, demand for CRV deposits and revenue generation from stablecoin liquidity.

The platform released a new algorithm for exchanging volatile assets in June. This promised low-slippage swaps of “volatile” assets. These pools are a mix of an internal oracle that relies on Exponential moving averages (EMAs), and a bonding curve model. This was previously used by AMMs like Uniswap.

This story is still in development and will be updated when more information becomes available.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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