Bitcoin Ordinals Marketplace Temporarily Shuts Down Operations Due to Lost Domain Control
Bitcoin Ordinals marketplace, Ordswap, has temporarily shut down its operations after losing control of its official domain. The team behind Ordswap informed users on October 9 that they no longer had control over their domain. They issued a cautionary message on the X platform (formerly Twitter), advising users not to connect to the Ordswap domain. The marketplace has not yet released a detailed incident report explaining the cause and extent of the incident, but it is suspected that the issue may be related to their web hosting firm, Netlify.
Phishing Attack Attempt and User Complaints
Users on the marketplace’s discord server reported a compromised authorization button on the Ordswap website, which was believed to be part of a phishing attack. This button aimed to trick users into signing a malicious transaction. One user referred to it as a “wallet drainer,” a tool favored by crypto hackers. The incident highlights the growing sophistication of phishing attacks in recent years.
Ordswap’s Efforts to Retrieve Users’ Keys
In response to the incident, Ordswap has introduced an online tool to help users recover their private keys while working towards regaining control of their website domain. This tool allows users who used MetaMask to access the platform to securely transfer their assets to alternative service providers. Ordswap was launched in 2023 as a trustless marketplace for trading Bitcoin Ordinals.
Similarities with Balancer’s Phishing Attack
This incident bears similarities to a previous phishing attack on Balancer, an Ethereum-based automated market maker, in September 2023. Balancer suspected that attackers had executed a social engineering attack on their DNS service provider, EuroDNS, leading to funds being drained from users’ wallets. However, Balancer was able to resolve the issue and regain control of their domain within a few hours.
Hot Take: Increasing Sophistication of Phishing Attacks
This incident serves as a reminder of the increasing sophistication of phishing attacks in the cryptocurrency space. Both Ordswap and Balancer experienced similar incidents where attackers gained unauthorized control over their domains, potentially resulting in financial losses for users. It highlights the importance of remaining vigilant and taking precautions to protect your crypto assets when using online platforms.
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