Compound Finance Website Breach Sparks Security Concerns

Compound Labs issued an urgent alert, confirming that their website may have been compromised.

Compound Security Advisor Michael Lewellen also acknowledged the incident, advising users to avoid interacting with the site until further notice.

🚨 URGENT: The Compound Labs website (compound[.]finance) has been compromised.

Please do not visit the website or clink any links until further notice. An update will be provided when available.

This is our final message // end of tweet. 🚨

— Compound Labs (@compoundfinance) July 11, 2024

He assured the community that while the website was compromised in a sophisticated phishing attack involving domain hijacking, the Compound protocol and all funds secured by its smart contracts remain unaffected and secure.

Before Compound’s confirmation, onchain investigator ZachXBT warned users via his crypto community Telegram channel, urging them to steer clear of the Compound Finance website due to its redirection to a fraudulent site.

READ MORE:

Malaysia Clamps Down on $725 Million Bitcoin Mining Electricity Theft

This breach comes after a previous security incident last year when Compound Finance’s official X account was hacked, promoting a phishing site and resulting in the reported loss of approximately $4.4 million LINK tokens.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.