QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
SEPTEMBER 2021
GLOBAL
CONVEX FINANCE
DESCRIPTION OF EVENTS
"Introducing Convex Finance, a platform built to boost rewards for CRV stakers and liquidity providers alike, all in a simple and easy to use interface. Convex aims to simplify staking on Curve, as well as the CRV-locking system with the help of its native fee-earning token: CVX."
"Convex allows Curve.fi liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort."
"Deposit liquidity, earn boosted CRV and rewards." "Deposit your Curve LP tokens to earn Curve trading fees, boosted CRV and CVX tokens. Boost is pooled from CRV stakers so you do not need to worry about locking yourself."
"If you’ve ever been a Curve LP, you know it is somewhat non-trivial to maximize your boost by depositing/maintaining your veCRV balance. If you’ve never been a Curve LP, it may be intimidating to do so without being a DeFi power user. Convex aims to make this process easy and bring the CRV boost ecosystem to everyone."
"Convex Finance is a notable protocol, as it holds the majority of Curve Finance’s CRV tokens in circulation. Curve Finance—the leading stablecoin automated market maker—provides approximately one-tenth of the decentralized economy’s liquidity in terms of total locked value."
"Please be cautious when using search services like Google intending to visit the website! There is at least one malicious website out there posing as Convex Finance, and more will likely pop up."
"I've found that there is a (dot)org version that is also being used for malicious purposes. I received the MetaMask firewall when i clicked it - assuming its malicious."
Convex Finance is a tool to increase rewards for stakers and liquidity providers on the curve protocol. Malicious entities made a copy of their website on a similar domain name, which most likely attempted to trick users into making payments or divulging their seed phrase. It is unclear if any funds were successfully stolen from users.
HOW COULD THIS HAVE BEEN PREVENTED?
Always bookmark the URLs of popular websites that you use regularly after checking them against multiple independent sources, and never rely on sponsored search results to help you navigate, especially to cryptocurrency-related services.
Carefully check all transactions before approving them. Keep most funds stored offline in a secure and unused wallet. Never have more funds in your active wallet than you are currently using for a single transaction, and consider first running a test transaction with a smaller amount.
https://www.convexfinance.com/ (Aug 23)
Convex for Curve.fi - ConvexFinance (Aug 23)
$15 Billion Rugpull Vulnerability in Convex Finance protocol Uncovered and Resolved - OpenZeppelin blog (Aug 24)
@ConvexFinance Twitter (Aug 24)
@MegaguirusPlz Twitter (Aug 24)
@mrgela Twitter (Aug 24)
@mrgela Twitter (Aug 24)
@JustinCBram Twitter (Aug 24)
@ConvexFinance Twitter (Aug 24)
@ConvexFinance Twitter (Aug 24)
Convex Finance Pre Launch Announcement (Aug 24)
