Convex Finance, a popular Decentralized Finance platform met with a troubling incident recently. The platform’s user-facing domain name ConvexFinance.com was hijacked.
The attack was mainly to approve the smart contacts present there. Smart contacts are certain automated activities that come into operation once the prestated conditions are met. The attackers wanted to derive unduly profits from the platform by trespassing these smart contacts.
After the hack, Convex Finance launched two news domains to allow users access, meanwhile the original domain name was being restored. These are: ConvexFinance.fi and frax.ConvexFinance.fi. Users were requested to visit these domains.
The original domain name, i.e., ConvexFinance.com however, is now back online. The platform published a list of all the users that are suspected to have approved the malicious contracts.
Convex Finance is among the top 10 Decentralised Financial protocol. Platform’s Total Value Locked (TVL) is at $3 billion. It is in stark contrast to the figures of December 2021, in which the estimated TVL was at $18 billion.