Compound Finance CEOs Jason Hobby, Jeffrey Hayes and Mikel Pereira left the project a day before hackers broke into the platform’s website.
Hackers are on the rise in the crypto space, so investors need to be careful about what links they click on.
Where did Compound Finance executives go?
Jason Hobby said goodbye to Compound Finance and Compound Labs on Wednesday, stepping down as CEO after five years with the company.
Hobby highlighted the importance of the Compound protocol among the pioneers of decentralization. He noted the support of the DeFi project Gauntlet in risk management and the OpenZeppelin ecosystem stack in the development of blockchain applications. According to the former project manager, this collaboration made Compound Finance “a transparent, middleman-free system.”
The former CEO will now focus on a new project, Legend. It is a decentralized platform for trading, earning, and borrowing digital assets; similar deposit, lending, and borrowing features were also present in Compound.
The announcement was made a day before the project’s website was hacked along with the Celer platform.
Phishing attack on Compound Labs
On-chain detectives discovered on Thursday that hackers had breached the front end of the project. The attackers had created a phishing site called the “compound-finance app” that would steal the wallets of all users who interacted with it.
The phishing attack did not affect the Compound protocol, and user deposits remain safe. However, the decentralized finance giant urged users not to interact with the site due to a domain compromise. The issue has now been resolved, and the site’s security has been restored.
Compound Labs is one of the largest DeFi services in the crypto industry. According to DeFiLlama, the protocol holds assets worth at least $2.14 billion.
Compound Finance TVL. Source: DefiLlama
Phishing attacks remain a common problem in the crypto industry, with unscrupulous players using this mechanism to steal digital assets. Fraudsters often use fake social media accounts, posing as legitimate projects. They post fake verification marks and malicious links.
Stay up to date! Subscribe to World Stock Market on Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
