In a stark warning to the cryptocurrency community, Curve Finance’s founder has highlighted the increasingly sophisticated tactics of “for-hire” hackers who are orchestrating cross-platform attacks. This revelation comes amid a growing wave of cyber incursions that saw crypto hackers abscond with a staggering $302 million in May 2025 alone, exploiting vulnerabilities in decentralized finance (DeFi) systems. This follows a pattern of increasing losses, as detailed in Crypto losses spike 1,100% in April with 5th-largest-ever hack.
A Rising Threat
The DeFi space—once hailed as the bastion of financial independence and security—is finding itself in peril as hackers become more audacious. The recent spate of breaches has exposed critical weaknesses in the infrastructure of decentralized platforms, with DNS attacks and code vulnerabilities leading the charge. “It’s not just about stealing funds anymore,” explained a cybersecurity analyst familiar with the attacks. “These hackers are dismantling trust, one exploit at a time.”
The modus operandi of these hackers, often operating as mercenaries for hire, involves targeting multiple platforms simultaneously, leveraging the interconnected nature of the DeFi ecosystem. By doing so, they maximize the chaos and financial damage inflicted.
Unmasking the Exploits
What’s truly alarming? The sheer range of tactics being deployed. DNS hijacks, which redirect users to malicious websites, have become a favored technique. Once there, unsuspecting individuals are tricked into revealing their private keys or approving unauthorized transactions. Meanwhile, code vulnerabilities in smart contracts—those heralded symbols of DeFi innovation—are being exploited with surgical precision.
According to blockchain security expert Jane Doe, “The complexity of these attacks suggests a high level of coordination and planning.” She further elaborated, “It’s not just script kiddies anymore. These are well-funded, highly skilled groups, often with insider knowledge.”
The implications for the broader crypto market are profound. With trust eroding, platforms like Lido and EigenLayer are scrambling to reassure users of their security measures. “The recent events have been a wake-up call,” admitted a spokesperson from a leading DeFi platform. “Our teams are doubling down on audits and implementing advanced monitoring systems to detect anomalies early.” As explored in Restaking can make DeFi more secure for institutional traders, innovative solutions are being considered to enhance security measures.
Historical Vulnerabilities
Reflecting on the past, the DeFi sector has always had a contentious relationship with security. From the DAO hack in 2016 to the more recent attacks on various liquidity pools, vulnerabilities have been an Achilles’ heel. However, the scale and frequency of current attacks suggest an evolution in both the threat landscape and the attackers’ capabilities.
The victims of these breaches span the entire spectrum of the crypto world, from small-time investors to large institutional players. As funds are siphoned off into untraceable wallets, questions loom large over the ability of the sector to protect its users.
Looking Ahead
The path forward for DeFi platforms is fraught with challenges. Beyond immediate technical fixes, there’s a pressing need for industry-wide collaboration to bolster security standards. “It’s about creating a united front,” emphasized Doe. “Sharing threat intelligence, conducting joint audits, and developing robust contingency plans are essential steps.”
But as the community rallies to fortify defenses, the fundamental question remains: Can trust, once shattered, be fully restored? With June 2025 already casting its shadow, the crypto world stands at a crossroads, grappling with the dual imperatives of innovation and security.
As the year unfolds, the resilience of the DeFi sector will be tested like never before. Whether it emerges stronger or succumbs to the relentless pressure of cyber threats will define the next chapter in its tumultuous journey.
Source
This article is based on: Curve Founder Warns of ‘For-Hire’ Hackers Coordinating Cross-Platform Attacks
Further Reading
Deepen your understanding with these related articles:
- AI Crypto Agents Are Ushering in a New Era of ‘DeFAI’
- ‘Huge Shift’ in crypto firms’ compliance mindset, says Elliptic co-founder
- Cambodian Huione Group Received $98B in Crypto Leading to U.S. Crackdown: Elliptic
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
