dYdX Details

    Organization Logo

    dYdX

    San Francisco, California • 100 employees • Financial Services

    https://dydx.exchange/
    United States

    Industry

    Financial Services

    Security Incidents

    1

    dYdX is a decentralized trading platform primarily focused on advanced cryptocurrency financial products. Built on the Ethereum blockchain, dYdX offers users access to perpetual contracts with features that include low trading fees, deep liquidity, and substantial leverage—up to 20 times the buying power. The platform aims to provide a robust and reliable environment for trading complex financial instruments in the crypto space.

    Founded to cater to the needs of advanced traders, dYdX has seen various milestones, including the launch of multiple trading pairs and the continuous rollout of plat...
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    Security Incidents

    dYdX Breach of Jul 2024
    Severity Score
    Significant

    Type

    Unknown

    Summary

    On July 23, 2024, the decentralized finance (DeFi) crypto exchange dYdX disclosed that its v3 trading platform's website had been compromised through a DNS hijacking attack. Users were advised to avoid visiting the compromised dydx.exchange site and to refrain from making any transactions until the issue was resolved.

    Attackers had hijacked the domain to deploy a phishing website, which prompted users to approve transactions that enabled the theft of their valuable tokens. The incident was attributed to a wave of DNS hijacking attacks targeting DeFi platforms, specifically those domains recen...
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    Severity

    The cyber security incident involving the DeFi exchange dYdX's older v3 trading platform was significant and indicative of a sophisticated attack. The breach resulted from a DNS hijack, allowing attackers to deploy a copycat website that could steal user tokens through fraudulent transactions. Although the smart contracts and funds on the platform remained secure, users were misled into connecting their wallets to a malicious site, posing a substantial threat to their assets.

    The incident is part of a broader wave of DNS hijacking attacks affecting DeFi platforms linked to the Squarespace reg...
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    Impact

    The dYdX v3 website experienced a significant cyber incident in the form of a DNS hijack attack. As a result, end-user interactions with the compromised site exposed customer data, especially through a phishing scheme that tricked users into approving malicious transactions via a copycat website. This attack did not take down any critical systems or services, but it did compromise the website's integrity and led to potential phishing attacks targeting users' wallets.

    Fortunately, no internal company data, intellectual property, or source code was stolen in this attack. The quick response from...
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