Cardano’s Liqwid Labs Controversy Is Settled: How To Stay Safe

• Liqwid Labs’ Cardano DeFi protocol Discord server has been hacked.
• Hackers promoted ADA airdrops.
• Liqwid Labs and community members jumped into action.

hackers The year is 2023. After more than $100 million was stolen in April and more than half a billion dollars over the course of the year, there are no signs of the scams and attacks slowing down.

in the last attack, Lquid Labswhich is a DeFi protocol that runs on CardanoThey fell prey to malicious actors that took over the company’s Discord server.

Settlement of the Allkoudi dispute

On Thursday, May 11, the Cardano DeFi Liqwid Labs protocol mentioned That hackers have compromised their Discord server. The company only warned users not to click on links or participate in the forum once the issue has been resolved.

While the server was hacked, malicious actors promoted fakes Cardano (ADA) Airdrops on various channels via Liqwid Labs admin accounts. They also immediately banned community members who upset others about the scam. However, despite their nefarious efforts, community members have warned everyone, including the developers, about the issue.

At the time of publication, Liqwid Labs has regained access to its Discord. DeFi protocol subscriber They plan to implement better security measures, such as switching to a dedicated “cold admin” account for server management. This will remove administrator privileges from user accounts of existing administrators, again reducing the risk of such incidents.

the hack It was not exceptional or sophisticated; Instead, it is common in the industry.

What happened and how do you keep yourself safe

The cryptocurrency sector is Infested with hackers and scammers looking for their next victim. Most malicious actors rely on crucial phishing information from users to gain access. Such is the case with Liqwid Labs.

An administrator user code running on the DeFi protocol clicked on a malicious link, which led to hackers gaining access to the account. The actors bypassed 2FA and other security measures by hacking the token.

These hacks are widespread, so here are some tips on how to stay away from them:

• Protect your recovery phrase by keeping it somewhere private.
• Double-check links, websites, and emails. Refrain from clicking on any link unless it is from a verified source. If the verified source has been hacked, discuss the problem with other users and look out for warnings and red flags.
• Seek help from officials, and prioritize your safety and security.
• Check and scan all addresses, such as contract, sender, etc., before doing anything permanent.
• Report any suspicious activity to the concerned departments as soon as possible.
• Set up additional layers of security, such as two-factor authentication.
• Always do your research.

on the flip side

Why should you bother

Hacks are still prevalent in the cryptocurrency sector and it is increasing by the day. Users should take the Liqwid Labs incident as a wake-up call and take the necessary security measures to protect themselves.

Read how hackers steal crypto from AT&T users:

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Speaking of security, Microsoft and other leading companies are working on a new blockchain:

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