You type the right address and the platform shows up. You may not check the address again. The website interface looks the same, so there is no doubt in your mind. Still is it possible that you are on a malicious site?
There was a problem in the decentralized cross-chain protocol Frax Finance domain. It redirects to a malicious site that is similar to the original one. Users may think you are on the original site since they typed the right address. Unfortunately, Frax Finance's domain was hijacked and hackers redirected it to the malicious site.
Frax Finance founder Sam Kazemian tweeted about it on social media X and warned people about it. The platform requested users not to use frax.finance and frax.com domains until it is fixed and they take control over it. Hackers somehow managed to hijack the Frax Finance's Domain Name System (DNS).
It is not clear how the attackers took control and got unauthorized access to make this happen. It is speculated that hackers might have done social engineering to get unauthorized access to it. Criminal actors apply different tactics to get personal sensitive information that helps them to hack and trick people into falling into their traps.
The Frax Finance team did not know how it happened and it may not be something like a compromised password or email. The good news is that the team took control of the domain and their domain registrar name.com helped them in this process. The domain registrar will do a full investigation of this hijacking incident. Then we may get more information about it.
It is challenging to stay safe when you witness so many hacks and scams going on. You just do not pay attention to something and connect your wallet to interact with the platform or make some mistakes. And that can lead to getting access to your crypto wallet and the attackers drain your wallet in the blink of an eye.
DeFi platform Frax Finance is not the first one to become a victim. Decentralized Finance (DeFi) protocol Convex Finance's DNS server was hijacked and the attacker redirected it to a malicious site. Again the malicious site looked exactly the original site. It is difficult to detect seeing the site interface.
Convex Finance had to set up a new website address after losing access to the original URL of its platform. Even though the team wants to do their best to secure the platform, things like this could happen and users might end up losing financially. There is no alternative to stay vigilant in this crypto space.
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