As a researcher with extensive experience in the cryptocurrency industry, I cannot help but express concern over the recent Squarespace hack and its potential impact on various Web3 platforms. The fact that more than 105 crypto projects were using Squarespace for their IT services is alarming, and the implications of this security breach are far-reaching.
As a crypto investor, I’m concerned about the heightened risk of exploitation for several crypto projects due to the recent IT service management company Squarespace hack. Being part of this ecosystem, I can’t help but feel the unease as over 105 Web3 platforms under my investment radar have been affected by this breach.
Squarespace Hack: the Fallout
The crypto community was shocked to learn that Compound Finance had been hacked. Although the incident caused some inconvenience in accessing the site, users’ funds were assuredly secure. Unfortunately, Celer Network, which handles inter-layer communication in the crypto industry, is now facing a similar risk.
As a cryptocurrency analyst, I would advise users to avoid interacting with Pendle Finance, DYDX Exchange, and Mendi Finance in addition to the two protocols mentioned previously. These platforms have raised concerns due to their recent trends. Furthermore, the Squarespace hack poses a significant threat to Polymarket. Since Squarespace provides the underlying infrastructure for this prediction marketplace, its vulnerability places Polymarket at risk as well.
In the realm of digital currencies, hacks and exploits are regrettably common occurrences. Previous reports by Coingape have highlighted several such incidents that have gained prominence in the last three months. One example is the hack on Japanese firm DMM Bitcoin, while another was the takeover of 50 Cents’ X account. The danger has escalated progressively.
The full scope of the Squarespace security breach is still unclear, but users are urged to exercise caution when using their affected platforms. Currently, several security agencies like Ironblocks are actively investigating this incident.
SECURITY ALERT
It seems that the websites of Compound Finance (@CompoundFinance) and Celer Network (@CelerNetwork) have been taken over by unauthorized users through a Domain Name System (DNS) attack, which is believed to be linked to issues with SquareSpace.
Celer has reassured us that the funds are secure, while we continue to wait for more information from Compound. As for Ironblocks, they are currently in a holding pattern.
— Ironblocks (@Ironblocks_) July 11, 2024
What to expect next
In response to the Squarespace security incident, numerous protocols are aiding their consumers by extending assistance. An illustration is Compound Finance, whose team, led by Michael Lewellen, handed out IPF links for app access. Despite the link’s safety during the hack, users are urged to exercise caution.)
In the cryptocurrency sphere, the frequent occurrence of hacks has led advocates to promote the concept of self-custody for users’ funds. This is due to the potential significant consequences for users if a platform with bridges or liquidity pools falls victim to such exploits.
As a researcher, I can tell you that Compound Finance and Celer Network have reassured us that no user funds have been affected by the recent hack. However, this news may still cause apprehension in the market if the Squarespace exploit remains unresolved promptly.
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2024-07-11 18:05