Ethena Labs, the development company behind the decentralized synthetic dollar protocol, announced it has temporarily deactivated its frontend after its domain registrar account was compromised. The team warned users against interacting with “any site or application purporting to be the Ethena frontend,” in a message on X on Wednesday.
The company also clarified that the Ethereum-based protocol itself is unaffected and that funds are safe. The nature of the compromise is not yet known.
Frontend attacks are a common occurrence across the crypto industry. Rather than searching for a code vulnerability to exploit, would-be attackers can simply replace a project’s website with a malicious version designed to drain a user’s funds.
Start your day with the most influential events and analysis
happening across the digital asset ecosystem.
In July, for instance, both Compound Finance and the Celer Network’s websites began redirecting users to a phishing site after their domain name service provider, Squarespace, was compromised. Similar attacks have also affected Galxe, Velodrome and Curve, among many other protocols.
Ethena Labs, which built the DeFi-native USDe stablecoin, has not responded to a request for comment at press time.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.