Frax Finance, a prominent decentralized cross-chain protocol, is cautioning its users not to use the frax.finance and frax.com domains due to a recent domain hijacking incident. The company’s founder, Sam Kazemian, has emphasized the need to resolve the domain name issue before normal operations can resume.
The domain hijacking occurred on Wednesday, and while the Frax Finance website currently loads the authentic user interface and points to the correct nameserver, the exact nature of the breach is still unclear.
According to Kazemian, “The current nameserver belongs to us, and it is the real Frax UI. 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.”
As a precaution, Frax Finance is advising users to avoid using the frax.finance and frax.com domains until further notice. They have also urged anyone with connections to Name.com, the domain registrar, to reach out as soon as possible.
Fortunately, no reports of stolen user funds have been received in relation to this incident. Kazemian and his team have expressed confusion over the events and have not identified any compromises to their email or password security. Kazemian stated, “It doesn’t appear that we made any mistakes on our end.”
In an update, Frax Finance has confirmed 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 incident involving Frax Finance highlights the rising threat of DNS hijacking in the crypto space. DNS hijacking involves redirecting users to malicious sites that closely resemble authentic ones to collect user credentials. This type of attack has been a growing concern in the crypto industry.
Other notable instances of DNS hijacking attacks include the web3 community platform Galxe, which experienced a DNS attack that disrupted its website, and the Balancer frontend, which was targeted in a DNS attack resulting in the theft of over $238,125 from the protocol.
Frax Finance, founded in 2019, is a decentralized protocol that aims to provide stability and decentralization through FRAX, a fractional-algorithmic stablecoin.
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