Compound Finance Website Hacked, Redirecting Users to Phishing Site

Compound Finance's website was hijacked by hackers, redirecting users to a phishing site, but the protocol's smart contracts and funds remain secure.

Crypto investigator ZachXBT alerted the community on July 11 to a phishing site that the compromised URL was redirecting users to. The phishing site closely resembled the original Compound Finance website, using the domain "compound-finance[dot]app."

A member of the Compound Finance team later confirmed the breach, urging users to avoid interacting with the compromised site. Michael Lewellen, a security adviser at Compound Finance DAO, clarified that the URL had been compromised and was now hosting a phishing site. He emphasized that the protocol and smart contract funds remained secure despite the website hijack.

This incident marks the latest in a string of security challenges faced by Compound Finance. Earlier this year, their official X (formerly Twitter) account was hacked, with attackers posting phishing links and promoting a fake crypto giveaway. The scam was quickly identified by entities like Officer's Notes and Scam Sniffer, who confirmed the presence of phishing links. Compound Labs was able to regain control of the account within four hours and remove the malicious content.

The company's X account was compromised again on December 30, but only for four hours before the team regained control, notified users, and deleted the spam messages.

The breach at Compound Finance also highlights a rising trend of phishing attacks in the crypto sector. According to a July 3 report by blockchain analytics firm CertiK, losses from crypto security incidents in the first half of 2024 reached $1.19 billion, with phishing attacks alone accounting for $498 million. As the market continues to grow, CertiK's CEO Ronghui Gu stressed the need for stronger security measures, such as multifactor authentication.

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