The website for version 3.0 of the dYdX crypto exchange was hacked on July 23, 2024.
According to a post on X, dYdX stated that the hack affected the dydx.exchange website, the old version of the platform that handles up to $1.5 billion in weekly derivatives trading volume.
“We just learned that the dYdX v3 website (dydx.exchange) has been compromised. Please do not visit the website or click any links until further notice. An update will be provided when available. This message does not relate to dYdX v4.” — dYdX (@dYdX) July 23, 2024
The dYdX team assured users that the smart contract and v3 Protocol remain secure, meaning user funds are safe. The dYdX v4 platform is also unaffected by this hack.
A dYdX community team member explained on the Discord channel that the attacker had taken over the v3 domain and “deployed a fake website that, when users connected their wallets, prompted them to approve transactions through PERMIT2 to steal tokens.”
A few hours later, dYdX confirmed that they had regained control of the dydx.exchange website. However, they urged users to immediately clear their cache and restart their browsers before reconnecting to ensure they do not access the previously cached compromised site.
Incident Follows dYdX v3 Sale Rumors
This incident occurred shortly after Bloomberg reported that dYdX v3 was up for sale, with interested buyers including market makers Wintermute and Selini Capital.
The dYdX v3 platform allows users to trade perpetual futures contracts using cryptocurrencies such as Bitcoin, Ether, Solana, and Dogecoin. The platform remains attractive due to its higher liquidity for certain tokens and lower slippage on large transactions.
The native dYdX (DYDX) token price plummeted shortly after the hack, dropping from $1.38 to $1.29. At the time of writing, the DYDX token is still trading around $1.33, with a 4% decrease over the past 24 hours, according to CoinMarketCap data.
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