CURVE FINANCE

DESCRIPTION OF EVENTS

"Curve Finance, the decentralized automated market maker (AMM) focused on stablecoin swaps, continues to cement its position as one of the cornerstones of DeFi and holders of its veCRV governance token continue to reap the rewards."

"Curve conducts a weekly governance vote to determine the allocation of CRV rewards to the various liquidity pools on its platform. It’s these votes that the DeFi protocols are after since they directly impact the yields they can offer to their users."

"On Aug. 12, Yearn founder Andre Cronje released a tool that allows DeFi projects to bribe veCRV holders with token rewards in exchange for their votes."

"CRV Vote Incentives - Get more for your votes! Add a reward to a pool which will be distributed proportionally to everyone who votes for it."

"Yearn security team has identified an issue in Curve Bribe v1."

"No check to determine which gauge the tokens were assigned. It simply assigns all of them to whichever gauge/token pair’s period is being updated." "Gauge address is manual input, you can use a malicious gauge. Funds aren't segregated between gauges of same token so your gauge can drain everything."

Curve "whitehacked the contract, successfully recovering $117,565 or 99.8%. The funds will be donated to a new version. A detailed writeup to follow."

"v1 0x171f3cd87E043539EF64b19121854cd1ab74894f v2 0x7893bbb46613d7a4FbcC31Dab4C9b823FfeE1026"

The Curve Bribe utility allows bribing Curve holders to vote a certain way in the decentralized governance protocol. The assets were stored in a smart contract hot wallet, and this was breachable. A white hack was performed to extract the funds, which were put in a new contract.

blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub (Aug 11)
@bantg Twitter (Aug 29)
Ethereum Transaction Hash (Txhash) Details | Etherscan (Sep 27)
There's Now an App for Bribing Curve Token Holders - The Defiant (Sep 28)
Monthly DeFi Blood Bath Report #4 (Sep 28)
bribe.crv.finance (Sep 28)

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