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Wednesday, July 31, 2024
In the world of cutting-edge blockchain technology and billion-dollar decentralized finance platforms, one might expect ironclad security.
However, recent events have shattered this illusion, exposing vulnerabilities that continue to plague the industry.
Squarespace's security lapse led to widespread crypto domain hijackings, exposing Web3 vulnerabilities tied to Web2 infrastructure.
CoinList was the first victim of the recent Squarespace fiasco on July 9, detecting and thwarting an attack that involved unauthorized access to their Squarespace account and attempts to compromise critical third-party services.
This early skirmish provided a foreboding glimpse of the broader assault that would unfold over the ensuing days, ultimately engulfing numerous prominent platforms within the crypto community.
Between July 9-12, 2024, the crypto community was rocked by a series of domain hijackings that exploited a vulnerability not in complex smart contracts, but in the mundane world of Web2 domain management.
Prominent platforms including Celer Network, Compound Finance, Pendle Finance, and dozens of other crypto protocols found their websites compromised through their shared hosting provider, Squarespace.
These incidents weren't sophisticated blockchain hacks, but rather a simple exploit of traditional web infrastructure.
As millions in assets hung in the balance, the crypto world was forced to confront an uncomfortable truth: for all its revolutionary technology, the industry remains perilously reliant on the same centralized systems it seeks to replace.
In its rush to build the future of finance, has the crypto industry neglected the fundamental security lessons of the past?
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We are all rekt.