Compound Finance, a prominent player in the DeFi space, faced a security breach yesterday when its official website was hacked and replaced with a phishing site.
Michael Lewellen, a security consultant for Compound DAO, confirmed the incident and advised users to refrain from interacting with the compromised website. Fortunately, the breach was limited to the website itself, and the Compound protocol’s smart contracts remained unaffected, ensuring the safety of all funds stored within the protocol.
ALERT: The https://t.co/vSAGYl6wwJ URL has been compromised and is currently hosting a phishing site. DO NOT interact with the https://t.co/vSAGYl6wwJ website until further notice.
The Compound protocol itself is not impacted and all smart contract funds are safe.
— Michael Lewellen (@LewellenMichael) July 11, 2024
In response to the breach, Compound CEO Jayson Hobby announced his resignation today. Hobby, who had been with Compound since 2019, cited the incident as a catalyst for his decision. Alongside Compound CTO Geoffrey Hayes and Compound Vice President of Products Mykel Pereira, Hobby has launched a new DeFi protocol named Legend.
Starting a new chapter means closing the last. I joined Compound Labs in 2019 as a design team of one, and today, am stepping down as CEO. I’m incredibly proud of the journey.
The Compound protocol was one of the first to truly embrace and achieve decentralization – in a…
— JSON (@jaysonhobby) July 10, 2024
In a statement, Hobby expressed his aspiration to onboard the next 100 million users onto blockchain by creating what he envisions as the world’s premier DeFi interface under the Legend brand.
Compound CEO Jayson Hobby announced his resignation and launched a new DeFi protocol Legend with Compound CTO Geoffery Hayes and Compound Vice President of Products Mykel Pereira. He said he wanted to bring the next 100M users onchain by building the world’s best DeFi interface.…
— Wu Blockchain (@WuBlockchain) July 12, 2024
The decision to resign and launch Legend comes at a pivotal time for Hobby and his team, aiming to capitalize on the growing popularity of decentralized finance while providing a secure and user-friendly platform. Hobby’s tenure at Compound saw significant growth and development within the DeFi ecosystem, making his departure notable within the community.
The incident underscores the ongoing challenges of security in the DeFi sector, highlighting the importance of robust security measures to safeguard user funds and maintain trust. Compound Finance remains committed to rectifying the website issue swiftly and ensuring that users are informed and protected throughout the process.
Legend, the new venture led by Hobby, Hayes, and Pereira, aims to set a new standard for accessibility and security in DeFi, potentially reshaping how users interact with decentralized financial services in the future.
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