Frax Finance Warns Users About Domain Issue
Frax Finance, a prominent decentralized cross-chain protocol, is advising its users to avoid using the frax.finance and frax.com domains until further notice. The company’s founder, Sam Kazemian, is urging caution and emphasizing the need to resolve the domain name issue before normal operations can resume.
Frax Finance Faces Domain Hijacking
Early on Wednesday, Frax Finance’s domain was hijacked. The website currently points to the correct nameserver and loads the authentic Frax user interface, but the exact nature of the breach is still unclear. While the current nameserver belongs to Frax Finance, Kazemian explains that they haven’t received any information from name.com, the domain registrar, regarding the root cause of the issue. Therefore, they cannot confirm with certainty that it is safe to use the frax.finance domain until the matter is fully resolved.
If you have any information regarding this issue, please reach out to @namedotcom as soon as possible.
Fortunately, there have been no reports of stolen user funds in this incident. Frax Finance is currently investigating the events and has found no compromises to their email or password security.
In an update, Frax Finance states that Name.com has contacted them and assured them that the domains frax.finance and frax.com have been redirected back to their correct nameservers and settings.
Rising Threat of DNS Hijacking in the Crypto Space
DNS hijacking, which involves redirecting users to fake websites to collect their credentials, is a growing concern in the crypto space. Several incidents in the past have highlighted this issue, including attacks on Galxe, Balancer, and Convex Finance.
Frax Finance, founded in 2019, aims to provide stability and decentralization through its fractional-algorithmic stablecoin called FRAX. The company seeks to address the growing risks in the crypto space and ensure the safety of its users.
### News source: cryptopotato.com