DeFi Exchange PancakeSwap Warns of Hack: ‘Do Not Use the Site’

Mar 15, 2021 | Decrypt News | 0 comments


Decentralized crypto exchange PancakeSwap has been hacked, per a tweet.

Earlier today, a similar service called Cream Finance said its DNS (domain name service) had been “compromised by a third party.” PancakeSwap’s Twitter account then confirmed that it had been hacked, too, suffering a “DNS hijack.”

Unlike a traditional exchange, where assets are traded through a central authority (like Coinbase, or the NYSE), a decentralized exchange is essentially just code that allows money to flow directly between traders. Decentralized exchanges tend to fall under the rubric of DeFi protocols, which are broadly defined as non-custodial systems for handling crypto.

Investing in DeFi protocols can be extremely risky, since they are prone to hacks—half of all crypto-related hacks in 2020 targeted DeFi, according to the blockchain data company Chainalysis.

There’s no sign of that slowing down in 2021: last week, a decentralized exchange called Dodo was hacked for nearly $4 million.

This story is developing and will be updated.

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