TL;DR

DYdX Website Restored After DNS Hijacking Attempt: On July 23, DYdX swiftly restored version 3.0 of its website following a DNS hijacking attempt. Users are advised to clear their cache and restart their browsers before visiting the site.
Crypto Hacks in 2024: Hackers stole $542.7 million worth of digital assets in Q1 2024, a 42% increase from 2023. Surprisingly, smart contracts were not the main target; private key leaks caused over 55% of losses.
Security Concerns: Mriganka Pattnaik, CEO of Merkle Science, highlights the rapid rise in losses due to private key leaks. The total stolen crypto funds in 2024 near $1.4 billion, making security precautions crucial.

On July 23, DYdX restored version 3.0 of its website following an apparent domain name system (DNS) hijacking attempt. The crypto exchange’s team acted swiftly, recovering the compromised website within three hours of announcing the breach.

A message from dYdX Trading Inc. pic.twitter.com/i8jrCfkvge

— dYdX (@dYdX) July 23, 2024

DYdX warned its users to clear their cache and restart their browser before visiting the website. The compromised site may still be cached on your machine, potentially exposing you to security risks.

In a July 23 post, dYdX Trading Inc. stated:

“dydx.exchange website has been recovered by dYdX Trading Inc. Please note that your machine may still be caching the compromised site. Clear your cache and restart your browser before connecting to the website.”

Limited Impact on dYdX Protocol

While the attack temporarily compromised the dYdX website, the rest of the protocol remained unaffected. In the same July 23 post, the exchange clarified:

“A reminder that the dYdX Chain, dydx.trade, and the v3 Protocol were never compromised and are safe to use.”

However, some wallet extensions, such as MetaMask and Phantom, may still display warnings when connecting to the site. The team assured users that this issue should be resolved shortly.

Crypto Hacks in 2024

Crypto hackers are on track for a potentially record-breaking year in 2024. During the first quarter, hackers stole digital assets valued at $542.7 million—a 42% increase compared to the same period in 2023.

Surprisingly, smart contracts were not the primary target. According to Merkle Science’s “2024 Crypto HackHub Report,” smart contract vulnerabilities accounted for only $179 million in losses during 2023, a significant drop from the staggering $2.6 billion lost in 2022. Instead, over 55% of hacked digital assets were lost due to private key leaks.

Mriganka Pattnaik, co-founder and CEO of crypto risk and intelligence platform Merkle Science, highlighted the growing concern:

“The biggest security concern right now is the rapid increase in losses due to private key leaks.”

As the total volume of stolen crypto funds approaches $1.4 billion in 2024, centralized exchanges have become the new focal point for exploits, as revealed in Cyvers’ mid-year Web3 security report. Vigilance and precaution remain crucial for users navigating the crypto landscape.

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Filed under: News - @ July 24, 2024 11:17 am