MobileCoin

OpenLeverage

<p class="is-style-lead">The Velvet Capital team has urged users to avoid connecting their digital wallets to the protocol’s website, citing a potential front-end attack on the website.</p> 
<p>Velvet Capital, a decentralized finance (<a href="https://crypto.news/tag/defi/" target="_blank" rel="">defi</a>) protocol, that works as an asset management dashboard, may have been targeted by hackers who exploited vulnerabilities in the website’s front-end. In an X post on Apr. 23, the team said that the protocol’s website suffered what appears to be a front-end attack, allowing bad actors to exploit vulnerabilities and potentially compromise user data or perform unauthorized actions on the platform.</p> 
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   <p lang="en" dir="ltr">ATTN: Some of the users experienced an issue while connecting to the app today, please don't interact with Velvet front-end, we're closing it for maintenance &amp; investigating the issue.<br><br>We will share a post-mortem once the issue is solved.</p>— Velvet.Capital (@Velvet_Capital) <a href="https://twitter.com/Velvet_Capital/status/1782634864392429704?ref_src=twsrc%5Etfw" target="_blank" rel="">April 23, 2024</a>
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<p> You might also like: <a href="https://crypto.news/binance-labs-distances-from-skyark-chronicles-latest-funding-round/" rel=""> Binance Labs distances from SkyArk Chronicles’ latest funding round </a> </p> 
<p>While specifics regarding the nature of the attack remain unclear, the Velvet team says it has “promptly identified the issue and, together with top security researchers, investigated the malicious activity &amp; the issue is being fixed.” The team also reassured users that the protocol’s smart contracts “are not affected,” emphasizing that the issue occurred on the front-end only. As of press time, users are still adviced not to interact with the website.</p> 
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   <p lang="en" dir="ltr">Update:<br><br>No known users were impacted, if you interacted with Velvet on April 23 after 12:30am UTC and believe you were impacted – please create a ticket on Discord.<br><br>The team promptly identified the issue and, together with top security researchers, investigated the malicious…</p>— Velvet.Capital (@Velvet_Capital) <a href="https://twitter.com/Velvet_Capital/status/1782689421462065492?ref_src=twsrc%5Etfw" target="_blank" rel="">April 23, 2024</a>
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<p>A spokesperson for Velvet Capital said in <a href="https://t.me/velvetcapital/41260" target="_blank" rel="">a Telegram post</a> that “no known users were impacted,” adding that those who fell victim to the attack, can create a ticket on the project’s Discord server. However, analysts at a blockchain analytics firm Scam Sniffer <a href="https://x.com/realScamSniffer/status/1782619464321941912" target="_blank" rel="">argue</a> the opposite, saying “there should be [victims],” although no details were given on the matter as of press time.</p> 
<p>Backed by Binance Labs <a href="https://www.binance.com/en/blog/ecosystem/binance-labs-to-invest-in-seven-projects-from-the-mvb-accelerator-program-coled-by-bnb-chain-9156786679786782462" target="_blank" rel="">in late 2022</a>, Velvet Capital has become the latest in a series of Binance-backed projects to experience security breaches. This incident comes shortly after the permissionless money market protocol OpenLeverage — which was also backed by Binance Labs — also <a href="https://crypto.news/binance-labs-backed-openleverage-suffers-236k-exploit/" target="_blank" rel="">suffered</a> a hacker attack earlier in April, resulting in a $236,000 loss allegedly caused by an attack funded via Tornado Cash.</p> 
<p> Read more: <a href="https://crypto.news/binance-labs-backed-mobilecoin-faces-delisting-from-binance/" rel=""> Binance Labs-backed MobileCoin faces delisting from Binance </a> </p>

Binance-backed defi protocol Velvet Capital suffers front-end attack

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