CURVE FINANCE

DESCRIPTION OF EVENTS

"Curve is a decentralized, UniSwap-like exchange for stablecoins. By focusing on stablecoins, it’s able to offer traders extremely low slippage, and liquidity providers enjoy little-to-no impermanent loss." "As is the case with many other decentralized finance protocols, Curve wasn’t fully decentralized at launch, run by the Curve team, led by Michael Egorov, the founder of NuCypher with a Ph.D. in Physics."

"Curve supports DAI, USDC, USDT, TUSD, BUSD and sUSD, as well as BTC pairs, and it lets you trade between these pairs extremely quickly and efficiently. When stablecoins or stable assets are involved, Curve’s prices are usually the best in the business."

“The key aspect of Curve is its market-making algorithm, which can provide 100-1000 times higher market depth than Uniswap or Balancer for the same total value locked. This dynamic helps both traders and liquidity providers because fundamental returns for those are higher than on Uniswap and alike by the same factor as the market depth.”

"Curve’s stablecoin swapping mechanism and yield integration mechanism has been audited by Trail of Bits."

"Curve Finance tweeted that a vulnerability was found in the Pool Factory v1 version of the fund pool, and it is recommended that v1 users use crv.finance to withdraw funds immediately. Curve.fi and Pool Factory v2 fund pools do not respond. But it only affects the v1 pool, and hackers cannot use it to steal user funds."

"Our deprecated pool factory v1 at http://crv.finance is affected by a recently discovered bug. Anyone in v1 factory pools - immediately withdraw funds using http://crv.finance. Pools on http://Curve.fi and v2 factory pools are unaffected and funds are safe."

"Whilst the bug is critical, it cannot be exploited to steal users' funds. A full post mortem will be issued after most liquidity is removed. Again, it only affects factory v1 pools."

Explore This Case Further On Our Wiki

Curve Finance requested users to withdraw their funds from the V1 pool. They promised to release a port-mortem of the issue, however do not appear to have done so.

SlowMist Hacked - SlowMist Zone (May 18)
What Is Curve Finance (May 25)
What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token (May 25)
@CurveFinance Twitter (May 25)
Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost (May 25)
Crypto && Coffee 067-068 | Keep Crypto Moving with Traveler - CipherTrace (May 25)
GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095 (Jun 22)
Vulnerability disclosure: the discovery and the rescue (Jun 22)

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