Frax Finance has reported a domain hacking incident

Frax Finance, a popular decentralized cross-chain protocol, has been urged not to use the frax.finance and frax.com domains for further advertising.

The company's founder, Sam Kazemian, advised caution, stressing that domain name issues need to be resolved before starting formal operations.

Frax Finance has suffered a domain hack.

The incident happened early Wednesday when Frax Finance's domain was hacked. While the website is currently pointing to the correct nameserver and installing the correct Frax user interface, the exact nature of the breach is unclear.

“The current nameserver is ours, and it's the actual Frax UI,” says Frax founder Sam Kazemian. However, since we have not received any information from name.com, the domain registrar, regarding the root cause of the original issue, we cannot be 100% sure that using frax.finance is safe until the issue is fully resolved. “

Please do not use or use the domains until further notice.

If you know anyone at @namedotcom please get in touch ASAP.

— Frax Finance (¤, ¤) 🦇🔊 (@fraxfinance) October 31, 2023

Fortunately, there have been no reports of stolen user funds in the recent Frax Finance case. Kazemian and his team were confused by the arrangement and had no agreement on email or password security.

“It didn't seem like anything was wrong with us,” Kazemian said. “Until we receive confirmation that our account is secure and the problem is fully resolved, we cannot say with certainty that it is safe to use the frax.finance domain.”

In an update, Frax Finance said Name.com had contacted them and confirmed that the frax.finance and frax.com domains had been returned to their correct nameservers and settings.

The threat of DNS hacking is on the rise in the Crypto Space.

DNS hacking, the redirection of users to closely resembling malicious sites to collect their credentials, is a growing concern in the crypto space.

On October 6, Web3's community forum Galxe experienced a DNS attack on its Dynadot account that disrupted the website. As a precaution, Galsee advises users not to link their wallets, make transactions, or terminate their wallets until the issue is resolved.

Another incident on September 20 saw a DNS attack targeting the Balancer frontend, which resulted in over $238,125 being stolen from the protocol. The attacker sent the money to an address associated with “Angel Drainer”. This attack prompted users to approve a malicious contract, unknowingly putting their wallet contents at risk.

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

Frax Finance is a decentralized protocol founded in 2019 by Sam Kazemian, Travis Moore and Jason Huang. Formerly known as Central Bank, its mission is to provide stability and decentralization through FRAX, a fractional-algorithm stable coin.