Ethena Labs Website Hacked by Hackers
Maker of synthetic dollars, Ethena Labs reported on Sept. 18 that its website’s frontend was compromised. While the core blockchain infrastructure remained safe, user funds were not affected.
The Breach: Frontend Attack
Only our frontend UI was hacked,” declared Ethena Labs in a statement. “An attack didn’t pierce through the underlying blockchain infrastructure, and thus all the funds were safe.” Users, however, were advised not to interact with the website or disconnect their wallets until further notice.
Ethena Labs: A Major Player in DeFi
Ethena Labs has not yet responded to inquiries into how hackers accessed the management console of the website. The team is working towards a solution and restoring all functionalities.
As one of the largest synthetic dollar issuers in DeFi, Ethena Labs has considerable market value, with its dollar-tied token supplied at $2.6 billion-mostly on Ethereum. That also makes it a notable event within the crypto world if there is any security breach on its platform. On the bright side, though, quick reaction to the breach in order to protect users’ wealth shows the resiliency in the protocol.
Hackers Targeting DeFi and Web3 Startups
This attack continues the broader trend of DeFi protocols and web3 projects being increasingly targeted by cybercrime. For several months, hackers have been attacking on-chain endpoints and web2 services associated with the projects. Major projects that have fallen victim to such attacks on their websites include Celer Network and Compound Finance.
Phishing campaigns, too, nearly always from compromised social media accounts, are becoming increasingly common. Recently, compromises have been recorded through Near Protocol and even high-profile figures in the Trump family.
Conclusion
If them hack has reminded one of continuing risks in the DeFi space, it also points to the importance of good security in the blockchain world through fast responses taken by the team: securing funds and addressing the situation.
