Kategorie: Crypto News

• Curve Finance DNS hijack redirected users to a malicious clone site.
• CRV price has slid about 7.7% as investors panicked and dumped tokens.
• Curve Finance plans migration from DNS to ENS to enhance front-end security.

Late on May 12, Curve Finance warned in an X post that its “curve.fi” domain might be hijacked, and users were urged to avoid the site altogether.

Seems like https://t.co/vOeMYOTq0l DNS might be hijacked. Don’t interact!

— Curve Finance (@CurveFinance) May 12, 2025

According to an update issued by Curve Finance on X, the attackers rerouted the official Curve website’s DNS entries to a front-end clone designed to drain wallets through a deceptively simple drainer link embedded in the page.

While the platform’s smart contracts remain unaffected and secure, the compromised domain now points to an IP address controlled by malicious actors.

Wallet providers such as Phantom swiftly responded by blocking the “curve.fi” address and displaying prominent warnings to users attempting to connect.

Following the attack, Curve Finance has opened a full investigation, engaging security partners and its domain registrar to recover control and restore the genuine site.

Curve DAO (CRV) token price dips

In the wake of the DNS attack, CRV’s price has slipped to around $0.7231 on the CoinMarketCap live chart, marking a 7.7% decline over the past 24 hours as panic spread among investors.

As the price drops, trading volume has surged to over $188 million as holders raced to exit positions amidst the unfolding security crisis.

In addition, the token’s market capitalisation has fallen to roughly $973.1 million, underscoring the tangible impact of off-chain vulnerabilities on on-chain assets.

Although Bitcoin’s own retreat from $105,000 to $102,000 contributed to some downward pressure, analysts agree that the DNS incident served as the primary catalyst for the Curve DAO (CRV) sell-off.

Technical indicators show CRV revisiting price ranges last seen prior to the recent China-US trade deal, reflecting heightened volatility and investor concern.

It’s the second time Curve Finance is facing a DNS attack

The May 13 attack marks Curve Finance’s second front-end DNS breach, following a similar incident in July 2023 when around $61 million was siphoned before containment.

On that occasion, Binance froze more than $450,000 after the culprit attempted to launder funds through its exchange, while Fixed Float recovered about 112 ETH.

Curve subsequently changed DNS providers and advised users to revoke all approvals tied to the compromised domain, but front-end risk remained unaddressed.

The protocol’s social media channels have also been targeted, with its X account briefly hijacked on May 5 to post phishing links before being reclaimed on May 6.

Yesterday, the official @CurveFinance X account was compromised. As you already know, access has been fully restored.

To clarify: the incident was limited strictly to the X account. No other Curve accounts were affected. No security issues were found on our side, no user funds… https://t.co/8bci75uZGr

— Curve Finance (@CurveFinance) May 6, 2025

While Curve Finance has reiterated that no user funds were impacted, the cumulative sequence of breaches has eroded user trust in the platform’s external infrastructure.

Users have voiced frustration at Curve’s inability to secure its public-facing layers despite robust on-chain protocols, with one commenter noting that “secure contracts don’t matter much when the domain itself is the weak link.”

Security experts emphasise that front-end vulnerabilities pose existential risks for DeFi, as wallet connections and transaction approvals are mediated through user interfaces.

Industry peers are monitoring Curve’s remediation efforts closely, understanding that a successful ENS migration could set a new standard for protocol security.

Meanwhile, investors are watching CRV’s performance for signs of recovery or further downside, with broader market conditions also playing a critical role.

Curve Finance to move from DNS to ENS

In response to the latest attack, Curve Finance confirmed plans to ditch traditional DNS in favour of the Ethereum Name Service (ENS) for its human-readable addresses.

Unlike DNS, ENS utilises smart contracts on Ethereum’s blockchain to manage naming, eliminating reliance on centralised registrars and hosting providers.

By transitioning to ENS, Curve aims to bolster front-end security and minimise the attack surface that allowed malicious actors to hijack its domain.

The switch to “curve.finance” under ENS governance represents a structural shift toward decentralisation beyond simply smart contracts.

As Curve Finance diligently works to restore its official website and complete its ENS transition, CRV’s price trajectory remains uncertain in the near term.

For now, CRV investors must navigate heightened volatility and evolving security measures as Curve Finance battles back from another front-end exploit.

The post Curve DAO (CRV) price drops as Curve Finance battles DNS attack appeared first on CoinJournal.

• 24-hour trading volume spikes to $1.63 billion.
• One transaction moved 90M PI tokens.
• Core Team announcement expected on May 14.

Pi Network (PI) has lost a quarter of its value in a single day, retreating from highs of $1.40 to around $1.10 after a fresh 8 million PI tokens were unlocked into circulation.

The token’s drop, which reversed a 100% rally just hours earlier, has placed renewed focus on its volatile trading activity and the upcoming 13 million token unlock scheduled for May 15 — a supply event that could add further downside pressure.

The abrupt decline began shortly after a week of intense trading interest.

On some exchanges, PI rose from around $0.70 to $1.29 and briefly peaked at $1.40 before retracing.

Source: CoinMarketCap

The surge saw a 24-hour trading volume of roughly $1.63 billion, propelled by significant on-chain activity.

One transaction alone involved 90 million PI tokens, indicating the growing influence of whale trades on short-term market direction.

Token unlock triggers sell-off

The May 11 sell-off coincided with the scheduled release of 8 million previously locked tokens, adding fresh supply into the market.

While token unlocks are routine for most crypto projects, the scale of this release triggered an immediate reaction from traders who rushed to offload positions in anticipation of dilution.

Pi Network’s upcoming May 15 unlock could introduce an even greater 13 million PI tokens to exchanges.

This has raised concerns among investors about whether the platform’s demand-side fundamentals can absorb such increases in circulating supply without further price erosion.

Some analysts note that unless the Pi Core Team makes a significant announcement before or during the May 15 unlock, PI’s price could test support zones near $0.80 or even $0.60.

The possibility of a cascade sell-off has grown more likely in the absence of new utility updates or listings.

Rumours and upcoming update

Despite the steep correction, community speculation remains active around a potential listing of PI on centralised exchanges.

Over the past week, rumours surfaced about an imminent Binance listing, which contributed to the surge in both price and volume. These rumours remain unverified at the time of writing.

Adding to the speculation is an expected statement from the Pi Core Team scheduled for May 14.

Details about the nature of this update have not been disclosed, but the timing — just one day before the next major token unlock — has led to expectations of either a product rollout, exchange partnership, or mainnet progress report.

Many in the community consider the upcoming announcement as a make-or-break moment.

If the developers fail to meet expectations, sentiment could sour further, increasing the likelihood of sustained price weakness through the second half of May.

Volatility highlights price discovery

While Pi Network’s volatility has unsettled some traders, others argue that PI is still undergoing price discovery — a common phase in the lifecycle of emerging crypto assets.

During this period, large fluctuations are not unusual as the market searches for fair value based on supply, demand, and speculative interest.

Since trading began on centralised platforms in December 2023, PI has lacked a fully defined value range due to restricted withdrawals and limited exchange support.

As these constraints gradually lift and token unlocks proceed, the asset’s price is expected to stabilise, though near-term movements are likely to remain headline-driven.

That said, the upcoming 13 million token release will be a key test for Pi Network’s resilience. If the project can pair this with a tangible update or exchange news, it could prevent further decline.

But in the absence of such developments, traders may see deeper retracements before a new support floor is established.

The post Pi Network price dips 25% after 8M unlock, with 13M more tokens set for May 15 appeared first on CoinJournal.