The CEO of one of the world’s most prominent crypto exchanges, Binance, warns people of some projects that might have been compromised. The digital asset space is a sector that is not new to hackers or cybercriminals trying to manipulate the system to fit their agenda. The executive known as Changpeng Zhao reveals some projects that might have been affected by the recent attack.
Some of the projects, which the entrepreneur believes have been compromised are PancakeSwap and Cream Finance, and his explanation brought some panic on social media. PancakeSwap, a well-known project within the DeFi space, is also a project on the Binance Smart Chain, alongside some other sector projects.
PankcakeSwap could have been hijacked
As a confirmation of the CEO’s announcement, PancakeSwap’s official Twitter handle revealed that it might have had the DNS attack. This means that some bad players have manipulated and compromised the DNS (Domain Name System). The project’s creators explained that they are yet to confirm the attack but warned users from going to the website, adding that it’s ‘better to be safe than sorry.’
The project’s creators failed to give more information regarding the issue. Still, statistics show that the native token has not been significantly affected by the project’s possibility of being under attack. The native token is known as CAKE continuous to trade within the normal range, which reduced the possibility of a bank amongst holders.
Cream Finance might have shared the same fate as PancakeSwap as the former’s creators shared the news that the project might have also been under a DNS attack. The creators shared through the project’s official Twitter page the possibility of third-parties trying to hijack the system as users see the platform asking for their seed phrase.
Cream Finance warned them against entering their seed phrase while adding that it would never ask them to submit a seed phrase or a private key. This shows that people within the DeFi space should be careful as more projects could be compromised.
Zhao warns of the recent hijack
Binance’s CEO relayed the news to users of the platforms and warned them to be very careful and not utilize the platforms until they have recovered from the recent attack. While many people are happy that the decentralized finance space is finally getting the recognition it deserves, cybercriminals have used the opportunity to make away with people’s money.
In the digital asset space, people understand the need for maximum security on platforms because the projects are software-based, making them vulnerable to attacks. Users should be cautious as systems could be compromised at any point, making them lose a lot of money.
As Cream Finance warned, experts explained that crypto holders should be cautious with their seed phrase because it can access any individual with information on it. When the bad players have the seed phrase, they can easily withdraw their victim’s digital asset, making the latter lose life-savings or investments. The DeFi projects explained that they would work on the security breach to beef up security.
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