Curve Finance And How Can Anyone Prevent From Dns Attack
The Crypto industry is not limited to Bitcoin and Ethereum, and many tokens and coins are introduced daily. There is no denying that Crypto businesses offer much more anonymity over other tradings because it is a decentralized system that works on blockchain technology.
Despite many efforts to make the Crypto industry safe, there are always loopholes and security bugs where hackers and scammers can attack and get assets and information of tremendous value. If you want a Crypto trading platform that provides riskless and secure trading options, then KuCoin is the best option because it provides access to more than 600 coins, including LUNA/USDT, SHIB, XLM price, and much more.
Among the different scams and hacking activities, DNS attacks are common that target the internet protocol so that the user ends up on an illegitimate website. In this article, we will understand the concept of curve finance and DNS attack and how to prevent it. So let’s get started.
What Is DNS And Curve Finance?
Curve finance is a platform that works on the Ethereum blockchain, and the main purpose is to swap Stablecoin. It is a decentralized exchange that uses Automated Market Maker. Curve finance provides the advantage of price stability that remains an acceptable margin.
Recently, curve finance has come under attack, which has caused tremendous damage to the platform and the crypto industry in general. It was the DNS attack in which the hackers breached usernames, passwords, and wallet addresses and used them to steal more than $500K worth of Cryptos.
To understand how this attack was conducted, let’s understand the concept of DNS. DNS is the abbreviation of Domain Name System and is the tool that provides users with the correct information about their requirements. If you write “KuCoin.com,” the device will send the data to DNS, providing the required information to the correct IP address.
How Does DNS Attack Work?
DNS works based on collecting the information and suggesting the right website to the right IP address. But if the DNS cannot work properly or if it is purposely hacked, then it cannot provide the right webpage, and hackers use it to send links to malicious websites on which you put in your name, password, and wallet address.
These fake websites look similar to the original, but their main purpose is to collect valuable data. Hackers can collect the data of the whole platform or website using a DNS attack by interfering with DNS settings.
Types Of DNS Attack
There are different types of DNS attacks, and some of them are:
- DNS Tunneling is when hackers encode another program or protocol in a DNS server that can work as a data payload, and the hacker can set up the remote server.
- DNS amplification is used to make the server unusable, and the main purpose is to get the data when the response time gets high.
- DNS Flood Attack, which includes shooting the server with maximum source IP address, and the main purpose is to make the DNS unusable so that it goes down and takes its security with it.
How To Avoid DNS Attacks?
Internet hacking is not a joke, and you should be prepared to counter these scams if you are willing to have a proper investment. These are some techniques that make you safe from DNS attacks:
- Do not click on unwanted links. KuCoin provides an opportunity to check the integrity of links to see if they are genuine.
- Bookmark your login page so you do not have to search it every time.
- Make sure to clear the DNS cache
Internet attacks and scams are among the Crypto industry’s biggest problems, and KuCoin has proper measures to avoid these scams. It provides limited IP access, so if anyone gets your credentials, they will not be able to access the account. More than that, it constantly updates its users about possible attacks and ways to avoid them. DNS works by gathering information and recommending the appropriate website to the appropriate IP address. However, if the DNS fails to function properly or is purposefully compromised, it cannot offer the correct URL. Hackers exploit it to transmit links to fraudulent websites where you enter your name, password, and wallet address.