DeFi Project Cream Finance, PancakeSwap Suffers DNS Attack

A number of Decentralized Finance (DeFi) projects, including Cream Finance and PancakeSwap, have been hit with DNS attacks, following several notices shared on Twitter on Monday. Having confirmed the attack, the teams behind the affected projects warned that the websites are currently unsafe for the users to visit until stated otherwise.

Attackers requests for users seed phrase

The decentralized peer-to-peer (P2P) lending platform, Cream Finance, is probably the first DeFi project to report the incident. In a tweet, they explained that the DNS or Domain Name System was compromised by a third-party, and that the users on the website are being asked to enter their seed phrase. 

A few hours later, PancakeSwap, the largest automated market maker (AMM) and decentralized exchange on Binance Smart Chain (BSC), reported a similar story.

PancakeSwap warned users to avoid the website “until we confirm it is all clear.” Users’ funds on the DeFi projects are safe, as the attackers cannot transfer any fund without their seed phrase.

The CEO of Binance, Changpeng Zhao, took to Twitter to also warn against using these platforms, until they are confirmed safe to use.

“A number of DeFi projects are under DNS hijack attack. Pancake, Cream, etc. Please be VERY VERY careful and not use them until they recover the situation. Please also help spread the awareness,” he wrote.

Cream Finance and PancakeSwap token update

There isn’t any serious decline in the price of the projects’ tokens CREAM and CAKE, regardless of the incident. During press time, the PancakeSwap token was trading at US$9.90 percent, representing a 9.27 percent decrease in the 24-hour count, according to Coinmarketcap. Also, the Cream Finance token was trading at US$103.71, which accounts for about a 7.37 percent decrease over the last 24 hours.