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One of many core builders behind DeFiLlama, a portal that analyzes decentralized finance (DeFi) protocols, believes {that a} hack on Good friend.tech, a decentralized social media community on Base, a layer-2 platform backed by Coinbase, will probably be extra “devastating” than the current breach on Balancer whose front-end was exploited and over $238,000 value of property reportedly stolen.
Within the analyst’s evaluation, the social media community may be compromised in 3 ways, stating that any exploit initiated from the entrance finish may see Good friend.tech customers lose funds just by “opening the app,” including that they gained’t have “to do something.”
3 Methods Good friend.tech Customers Can Lose Funds If Hacked
Upon analyzing Good friend.tech’s safety mannequin, the analyst defined that if their direct iframe was compromised, a hacker may achieve unauthorized entry to the person’s funds.
In internet growth, the direct iframe permits customers to embed hyperlinks, which may be from social media and even Google. All of the developer wants is to allow HTML addition earlier than formatting utilizing CSS.
Whereas the direct iframe is simple to make use of and versatile, it additionally introduces safety dangers. It is because by permitting anybody to insert HTML code, malicious brokers can select to embed corrupted code.
Moreover direct iframe, the analyst additionally identified a hack on Good friend.tech’s privy iframe can result in lack of funds. He notes that the platform’s privy iframe holds the non-public keys, permitting customers to simply join the dapp with their non-custodial wallets akin to MetaMask.
Privy iframe is essential in DeFi, forming the essential infrastructure for decentralized exchanges (DEXs) and non-fungible token (NFT) marketplaces working on public networks like Ethereum or the BNB Chain.
A privy iframe permits builders to embed a Privy pockets. A Privy pockets is non-custodial, which means the end-user has management of the mandatory non-public keys. On the identical time, they’re remoted to make sure that person non-public keys can’t be accessed by third events and even different code.
Furthermore, the analyst notes that if Good friend.tech’s privy iframe loses information, funds wouldn’t be accessible since they maintain 2/3 shards, basically equating to shedding non-public keys.
The Balancer Hack
On September 19, the front-end of Balancer, a DeFi protocol that permits customers to create and handle customized liquidity swimming pools, was hacked. Peckshield, a blockchain safety platform, estimated that at the very least $238,000 of property had been stolen earlier than Balancer requested customers to not work together with the portal. When interacting with the protocol, some customers famous that they had been requested change chains and approve malicious contracts.
Statistics from DeFiLlama states that at the very least $7 billion of property have been stolen via hacks. In response to the DeFi analytics platform, apart from the Balancer hack, different notable exploits leading to vital loss embody the Remitano breach the place hackers stole $2.7 million, and Curve’s the place over $61 million was misplaced.
Function picture from Canva, chart from TradingView
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