Attention: There Is a Phishing Attack on the Popular Altcoin!

Dikkat: Popüler Altcoin İçin Phishing Saldırısı Yaşandı!
Dikkat: Popüler Altcoin İçin Phishing Saldırısı Yaşandı!

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Cryptocurrency researcher ZachXBT has reported that the website of Compound Finance, behind the popular decentralized finance (DeFi) platform and altcoin COMP, has been hacked and warned users to avoid visiting the site. In a Telegram post dated July 11, ZachXBT stated that the website redirects to a newly registered phishing site and poses a serious security risk. Here are the details…

Statement from the Altcoin team

Crypto researcher ZachXBT has warned users to stay away from the apparently compromised Compound Finance website. Following this warning, an official from the Compound Finance team also confirmed the security vulnerability and warned users to avoid any interaction with the site to avoid loss of personal data and funds. Compound Finance DAO security consultant Michael Lewellen announced that the URL had been compromised and hosted a phishing site. While Lewellen warned users not to interact with the site, he emphasized that smart contract funds are safe and the protocol is not affected.

Unfortunately, this is not the first security attack for Compound Finance. As we reported as, the official X account of the decentralized finance protocol was seized by hackers in 2023. As in this latest incident, hackers had used the company’s social media platform to promote a phishing site.

In that case, the account posted an ad claiming to be giving away free cryptocurrency tokens and directed users to click on a link that spoofed the protocol’s official site. However, this was quickly flagged as a fraud attempt. Cybersecurity blogger Officer’s Notes and blockchain security platform Scam Sniffer confirmed that the account was sharing phishing links. The Compound Labs team announced on December 30, 2023 that their accounts were compromised for four hours and that they removed the spam messages before recovering them.

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Attacks in cryptocurrency markets are worrying

As the cryptocurrency market continues to grow, CertiK CEO and co-founder Ronghui Gu called on the community to proactively prepare for attacks on April 4. The company found that phishing attacks in the cryptocurrency space had reached “alarming levels” at the time. On July 3, the company reported that losses from crypto security incidents reached $1.19 billion in the first half of 2024. The report stated that approximately $498 million of crypto asset losses were attributed to phishing attacks. Therefore, Gu emphasized the importance of multi-factor authentication and better security practices.

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Attention: There Is a Phishing Attack on the Popular Altcoin!