Compound Labs Website Breach: Security Restored, Smart Contracts Safe

The post Compound Labs Website Breach: Security Restored, Smart Contracts Safe appeared first on Coinpedia Fintech News

As an upsetting news to the crypto community which later turned pleasant when the site was restored , Compound Labs’ official website, [compound. Finance] was affected by a serious widespread domain attack. The breach prompted immediate action and a stern warning to the crypto community. The team asked the users to stay away from the site and should not click on any of the links related to the site until further notice.

Crypto investigator, ZachXBT, alerted people to avoid the official Compound Finance website claiming that the domain had been compromised. On the 11th of July, the security investigator shared a post in his telegram channel popular among the community members and asked people not to visit the website as it was redirecting to a newly created phishing site which posed a threat to the security of the users’ accounts.

Swift Response and Recovery

As a result of the hardworking security community and Compound Labs, the website has been fixed to its best and most secure state it is in today. “Thanks to the tenacious efforts of so many in the community, the [compound. finance] website is working once again,” the company stated. Users can now use the site without worry but are warned to continue being careful about phishing scams.

The Team Ensured Smart Contracts Were Not Impacted by the Attack

To ensure user confidence, Compound Labs explained that the hack was not on the protocol or smart contract layer. “That is not at the protocol level; the smart contracts are still intact,” they said. This is important because it means the fundamental parts of the Compound protocol as well as its security features are preserved.

To ensure safety, users are advised to restart their browsers and verify the URL before visiting and only click on the genuine URLs. Compound Labs has promised to provide further details on the investigation soon.

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