Frax Finance Reports Incident of Domain Hijacking

Frax Finance, a prominent decentralized cross-chain protocol, has recently experienced a domain hijacking incident. As a result, the company is cautioning its users against using the frax.finance and frax.com domains until the issue is fully resolved.

The founder of Frax Finance, Sam Kazemian, has emphasized the importance of resolving the domain name issue before normal operations can resume. Kazemian urges users to exercise caution and wait for further updates.

Nature of the Domain Hijacking Incident

The domain hijacking incident occurred early Wednesday, but the exact details of the breach are still unclear. Currently, the Frax Finance website directs users to the correct nameserver and loads the authentic user interface. However, due to a lack of information from the domain registrar, name.com, Frax Finance cannot guarantee the safety of using the frax.finance domain until the matter is fully resolved.

“The current nameserver belongs to us, and it is the real Frax UI,” explained Frax founder Sam Kazemian. “However, since we haven’t received any information from name.com, the domain registrar, regarding the root cause of the original issue, we cannot be 100% certain that it’s safe to use frax.finance until the matter is fully resolved.”

Please don’t use frax.finance and frax.com domains until further notice.

If you know anyone at name.com, please reach out as soon as possible.

— Frax Finance (@fraxfinance) October 31, 2023

Fortunately, there have been no reports of stolen user funds during this incident. Kazemian and his team have not found any compromises to their email or password security, leading them to believe that no mistakes were made on their end. However, until they receive confirmation of their account’s security and complete resolution of the issue, the safety of using the frax.finance domain cannot be guaranteed.

In an update, Frax Finance has announced that Name.com has contacted them and assured them that the domains frax.finance and frax.com have been redirected back to their correct nameservers and settings.

The Growing Threat of DNS Hijacking in the Crypto Space

DNS hijacking, which involves redirecting users to malicious sites that closely resemble the authentic ones, is becoming a significant concern in the cryptocurrency space.

In a recent incident on October 6, the web3 community platform Galxe experienced a DNS attack that disrupted its website through its Dynadot account. As a precaution, Galxe advised users against connecting their wallets, performing transactions, or disconnecting their wallets until the issue was resolved.

Another incident occurred on September 20, where the Balancer frontend was targeted in a DNS attack, resulting in the theft of over $238,125 from the protocol. The attacker sent the funds to an address associated with ‘Angel Drainer.’ Users were prompted to approve a malicious contract, unknowingly risking the contents of their wallets.

In 2022, the decentralized finance (DeFi) project Convex Finance also faced a similar situation when its original URLs were compromised, redirecting users to malicious websites.

Frax Finance, founded in 2019 by Sam Kazemian, Travis Moore, and Jason Huan, is a decentralized protocol that aims to provide stability and decentralization through the use of FRAX, a fractional-algorithmic stablecoin.

Editor Notes: Stay Informed with Uber Crypto News

It is crucial for individuals and businesses in the cryptocurrency space to stay informed and vigilant about the growing threats of domain hijacking and other cybersecurity risks. To ensure that you are updated with the latest news and developments in the crypto world, visit Uber Crypto News. Stay safe and informed!