Squarespace Exploit Exposes Over 100 Crypto Projects

Godfrey Benjamin
July 11, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Indonesian Crypto Exchange Loses $20 Million Following Hack

Highlights

  • SquareSpace has suffered a major exploit that is affecting many crypto projects
  • Compound Finance and Celar are among the protocols with active breaches
  • Over 100 crypto projects are at risk, users beware

Many crypto projects are currently at risk of exploitation following the hack of IT service management company Squarespace. As a company that offers Software-as-a-Service (SaaS) to crypto projects, the Squarespace hack has exposed more than 105 Web3 platforms.

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Squarespace Hack: the Fallout

The crypto industry woke up to the news of the Compound Finance website hack. While not much of a hassle except for the initial inconvenience of accessing the site, users’ funds were deemed safe. The same fate that befell Compound Finance is also posing a threat to inter-layer communication protocol Celer Network.

Besides these two protocol, crypto users are advised to steer clear of Pendle Finance, DYDX Exchange, and Mendi Finance. After sustained growth trends seen over the past few weeks, the Squarespace Hack is also a threat to Polymarket. The prediction marketplace is also at risk as Squarespace powers the platform.

Hacks and exploits are not uncommon in the digital currency ecosystem. As previously reported by Coingape, a number of related exploits have made headlines over the past quarter. From the hack of Japanese firm DMM Bitcoin to the hijack of the X account of 50 Cents, the threat has grown over time.

While the extent of the Squarespace hack remain unknown, users are advised to maintain caution when accessing the exposed platforms. At the moment, many security outlets including Ironblocks have confirmed ongoing investigation into incident.

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What to expect next

Many of the protocols with exposure to the Squarespace hack are providing support to their users. In the case of Compound Finance, Michael Lewellen provided users with an IPF link to access the application. This was not compromised in the hack, however, users are still advised to take caution.

The prevalence of hacks in the crypto world accounts for why proponents are advocating for self-custody of user’s funds. For platforms with bridges and liquidity pools, this exploit might impact users’ funds remarkably.

As a major succor for now, the duo of Compound Finance and Celer Network has confirmed no user fund is impacted. This hack might drive panic into the market, especially if the Squarespace exploit is not resolved swiftly.

Read More: JasmyCoin Price Prediction: Is This 5% Surge Bullish Comeback? 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.