The website of decentralized finance platform Compound Finance, backed by Coinbase and a16z crypto, was reportedly hijacked, redirecting users to a phishing domain. Blockchain sleuth ZachXBT highlighted the issue on July 11, noting the redirect to “compound-finance[dot]app,” a domain that mimics the original site.
Compound Finance, founded in 2017 by Robert Leshner and Geoffrey Hayes, allows crypto lending and borrowing without intermediaries via smart contracts. In 2019, it raised $25 million in Series A funding from Andreessen Horowitz’s a16z crypto and other investors, including Coinbase Ventures and Paradigm.
This incident underscores the vulnerabilities in decentralized finance platforms, emphasizing the need for robust security measures. Given Compound’s significant backing and user base, the potential hijack could have widespread implications for user trust and platform security in the DeFi space.
