The website of Compound Finance, a decentralized finance lending platform, appears to have been potentially hijacked. This has raised alarms within the cryptocurrency community.

Compound Finance, backed by major players like Coinbase and a16z crypto, is reportedly the victim of a hacker attack. Users have noticed that the official website is redirecting them to a different domain.

On July 11, blockchain sleuth ZachXBT alerted users via Telegram about a phishing domain that redirects visitors from the legitimate Compound Finance website to “compound-finance[dot]app.” This fake domain fully mimics the original version, making it difficult for users to spot the difference.

Newly registered fake domain that mimics Compound Finance

As of now, Compound Finance has made no public statements regarding the issue. ZachXBT suggests that the website “seems to potentially be hijacked.” Our team at Global Crypto News has reached out to Compound Finance and will provide updates as we receive them.

About Compound Finance

Founded in 2017 by Robert Leshner and Geoffrey Hayes, Compound Finance allows users to lend and borrow cryptocurrencies without intermediaries, using smart contracts. The platform has gained significant traction and credibility over the years.

In 2019, Compound Finance raised $25 million in Series A funding led by Andreessen Horowitz’s a16z crypto. Other investors included Polychain Capital, Bain Capital, Coinbase Ventures, Paradigm, and Dragonfly Capital.

Security Tips for Crypto Users

Given the increasing number of phishing attacks and scams, it’s crucial for users to stay vigilant. Here are some tips to protect yourself:

  • Verify URLs: Always double-check the URL of the website you are visiting. Look for slight misspellings or unusual domain extensions.
  • Use Two-Factor Authentication: Enable two-factor authentication (2FA) on all your accounts to add an extra layer of security.
  • Stay Updated: Follow trusted sources for news and updates regarding potential threats.
  • Install Security Software: Use reliable antivirus and anti-phishing software to detect and prevent malicious activities.

Stay informed and explore more news on Global Crypto News to keep yourself updated on the latest developments in the cryptocurrency world.

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