Jun 2022 - DeFi Saver Malicious DNS Hijack - $Unknown (Global)
"DeFi Saver is a one-stop dashboard for creating, managing and tracking your DeFi positions." "Automation can manage your leverage and protect your position from liquidation based on your input, non-custodially and trustlessly."
"DeFi Saver is a management dashboard for decentralized finance protocols, including MakerDAO CDPs (with features such as automatic liquidation protection), as well as Compound, dYdX and Fulcrum." "With DeFi Saver you can manage and interact between decentralized finance protocols. By creating strategies you can create advanced actions that will be executed automatically when certain conditions are met. The code is open source and runs on the Ethereum blockchain."
Further Analysis
How Could This Have Been Prevented?
The issue ultimately stemmed from a single customer support agent being compromised. A multi-signature requirement on DNS changes would have prevented this scenario entirely. While NameCheap offers advanced protections on their domain names, this service had just launched two days prior to the DNS change, so it was unlikely to be a reasonable expectation that Convex Finance would have already signed up. Users of platforms need to be careful and double check any new approval requested by any platform against the proper smart contract address. It is recommended to double check any new smart contract addresses being interacted with.
More Cryptocurrency Exchange Hacks/Scams/Frauds
Ribbon Finance Malicious DNS Hijack > > < < Harmony Horizon Bridge Private Key Exploit
Sources/Further Reading
DeFi Saver (Jul 25)
DeFi Saver - Crypto Project Reviews. What is DeFi Saver? (Feb 7)
Introduction - DeFi Saver (Feb 7)
https://www.cloudflare.com/learning/dns/what-is-dns/ (Feb 9)
Post Mortem Of Events June 23 (Aug 24)
@ConvexFinance Twitter (Aug 24)
Premium domain protection – Domain Vault - Namecheap (Feb 9)
@NamecheapCEO Twitter (Aug 24)
@NamecheapCEO Twitter (Aug 24)
@DevanCollins3 Twitter (Aug 24)
@LefterisJP Twitter (Feb 10)
@NamecheapCEO Twitter (Feb 11)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|