Lately DeFi attacks began to find a place on the agenda again. While the rise in BTC price pushed investors to make more transactions, it was claimed that CowSwap’s website was hacked. Suspicious transactions are reported and users need to be careful.
CowSwap was hacked
blockaid just now on CowSwap announced that there was a frontend vulnerability. Users are advised to cancel their wallet approvals and not connect their wallets to the website. The Blockchain intelligence firm’s warning should be heeded because we have found that such alarms are generally true. Following the news, COW dropped to $0.2137 and paused its decline for now.
CowSwap is an intent-based DEX platform where “swap intentions” are auctioned rather than transactions being made directly through a pool. The protocol eliminates brokerage and liquidity pool costs by directly matching users making simultaneous reverse transactions. Because transactions are processed in batches, users have natural protection against MEV risks such as “sandwich attacks” by bots. Therefore, since it is among the 10 most popular DEXes on the Ethereum network, the risk size is high.
