• dYdX v3 restored its website following a DNS hijacking attack.

  • The dYdX team has advised users to clear their browser cache and restart their browsers before accessing the site.

Decentralized finance (DeFi) crypto exchange dYdX restored its version 3.0 website after a DNS hijacking attempt on July 23. The team restored the website three hours after announcing the compromise.

https://t.co/Ym1dFLLOwx website has been recovered by dYdX Trading Inc. Please note that your machine may still be caching the compromised site.Make sure to clear your cache and restart your browser before connecting to the website.

— dYdX (@dYdX) July 23, 2024

On July 23, the DeFi space faced a security scare when the crypto exchange dYdX experienced a domain name service (DNS) hijack. Following that, the dYdX team swiftly addressed the attack that briefly compromised the exchange’s version 3.0 website and restored it within three hours.

Further, the exchange advised users to clear their browser cache and restart the user’s browser before accessing the platform.

The attack involved hackers seizing the domain and setting up a fraudulent website that lured users into connecting their wallets. Once connected, users were prompted to approve transactions via PERMIT2, enabling the theft of valuable tokens. This incident is part of an extensive trend of DNS hijacking attacks targeting DeFi platforms, notably those using the Squarespace registrar.

Surge in Crypto-Cyberattacks

This dYdX incident was followed by a malicious Zoom platform incident on the same day, where $300,000 worth of cryptocurrency was stolen through a fake app that tricked users into installing malware designed to drain crypto funds.

Concurrently, the crypto sector witnessed another major security breach. Indian exchange WazirX reported a $230 million theft on July 18, marking the second-largest crypto hack of 2024. 

These incidents highlight a troubling rise in crypto-related cyberattacks. The first quarter of 2024 saw hackers abscond with $542.7 million in digital assets, a 42% increase from the previous year. Also, private key leaks emerged as the primary cause, responsible for over 55% of the hacked assets.

As the crypto industry continues to grow, balancing regulatory developments and enhancing cybersecurity measures will be crucial to ensuring the stability of digital asset platforms.

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