Convex Finance Sets Up New URLs After Website Address Is Hijacked

At least five wallets were affected in the front-end exploit. No funds on verified contracts were exploited.

AccessTimeIconJun 24, 2022 at 9:12 a.m. UTC
Updated May 11, 2023 at 6:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized staking platform Convex Finance set up new website addresses (URLs) after the previous address was involved in an attack that misdirected users to a malicious website.

The issue was remediated and is being investigated, the developers said in a tweet. Convex is a popular protocol that allows users to earn yields from the stablecoin swap service Curve Finance.

The Domain Name Service (DNS) translates website names that users type into the internet's native numeric address coding. By intercepting that process, it's possible to redirect users to alternative websites that might have malicious intent.

A possible exploit issue was flagged last night on Twitter by alexintosh.eth, with approvals for contracts apparently spoofing wallet addresses and misleading users to approve the wrong wallet actions.

Shortly thereafter, Convex asked users to “review approvals” while developers evaluated a “potential front end issue.”

Some five wallets were flagged by Convex to have been affected by the exploit. Funds on verified contracts on Convex were unaffected, developers said.

Wallet “0xcdc0f019f0ec0a903ca689e2bced3996efc53939” – flagged as “Convex Phisher Deposits” on blockchain analytics service Etherscan – seemed to have obtained small amounts of cryptocurrencies from affected users, blockchain data shows.

That wallet transferred just under $1,000 worth of USD coin and CRV via decentralized exchange Uniswap in European morning hours, the data shows.

The phisher seemed to move small amounts of cryptocurrencies this morning. (Etherscan)
The phisher seemed to move small amounts of cryptocurrencies this morning. (Etherscan)

Crypto wallets work on token approvals, or permissions granted to decentralized apps (dapps) by users to access tokens in their crypto wallets.

In a phishing attack, exploiters may spoof the front end of a protocol’s website and mislead users to approve the wrong action – granting the attacker access to the exploited wallet and allowing them to drain tokens from that wallet.

The developers set up “Convexfinance.fi" and “frax.convexfinance.fi” as alternatives for users. “Users are encouraged to use these URLs to interact with the site while the investigation into the DNS hijack is conducted,” the developers said in a tweet.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about