Curve Finance V1 Vulnerability - Revision history

Azoundria at 18:52, 2 May 2023

2023-05-02T18:52:31Z

← Older revision		Revision as of 12:52, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Curvefinance.jpg\|thumb\|Curve Finance]]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.		[[File:Curvefinance.jpg\|thumb\|Curve Finance]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="slowmisthacked-678" /><ref name="coinmonksmedium-933" /><ref name="blockgeeks-934" /><ref name="curvefinancetwitter-935" /><ref name="tokenpost-936" /><ref name="ciphertrace-937" /><ref name="curvefigithub-1153" /><ref name="curveblog-1154" />
	<ref name="slowmisthacked-678" /><ref name="coinmonksmedium-933" /><ref name="blockgeeks-934" /><ref name="curvefinancetwitter-935" /><ref name="tokenpost-936" /><ref name="ciphertrace-937" /><ref name="curvefigithub-1153" /><ref name="curveblog-1154" />

	== About Curve Finance ==		== About Curve Finance ==
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	!Description		!Description
	\|-		\|-
	\|March 4th, 2021 ~~12:00:00 AM~~		\|March 4th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==
	<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>		<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 18, 2021)</ref>

	<ref name="coinmonksmedium-933">[https://medium.com/coinmonks/what-is-curve-finance-18c0b1448f43 What Is Curve Finance] (May 24, 2021)</ref>		<ref name="coinmonksmedium-933">[https://medium.com/coinmonks/what-is-curve-finance-18c0b1448f43 What Is Curve Finance] (May 25, 2021)</ref>

	<ref name="blockgeeks-934">[https://blockgeeks.com/guides/curve-finance/ What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token] (May 24, 2021)</ref>		<ref name="blockgeeks-934">[https://blockgeeks.com/guides/curve-finance/ What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token] (May 25, 2021)</ref>

	<ref name="curvefinancetwitter-935">[https://twitter.com/CurveFinance/status/1367576697122525191 @CurveFinance Twitter] (May 24, 2021)</ref>		<ref name="curvefinancetwitter-935">[https://twitter.com/CurveFinance/status/1367576697122525191 @CurveFinance Twitter] (May 25, 2021)</ref>

	<ref name="tokenpost-936">[https://tokenpost.com/Pool-Factory-v1-Of-Curve-Finance-Affected-By-A-Bug-7173 Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost] (May 24, 2021)</ref>		<ref name="tokenpost-936">[https://tokenpost.com/Pool-Factory-v1-Of-Curve-Finance-Affected-By-A-Bug-7173 Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost] (May 25, 2021)</ref>

	<ref name="ciphertrace-937">[https://ciphertrace.com/crypto-coffee/crypto-coffee-067-068-keep-crypto-moving-with-traveler/ Crypto && Coffee 067-068 \| Keep Crypto Moving with Traveler - CipherTrace] (May 24, 2021)</ref>		<ref name="ciphertrace-937">[https://ciphertrace.com/crypto-coffee/crypto-coffee-067-068-keep-crypto-moving-with-traveler/ Crypto && Coffee 067-068 \| Keep Crypto Moving with Traveler - CipherTrace] (May 25, 2021)</ref>

	<ref name="curvefigithub-1153">[https://github.com/curvefi/curve-contract/tree/65365742b4e3b644d61443de6feee49af0d2b095 GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095] (Jun 21, 2021)</ref>		<ref name="curvefigithub-1153">[https://github.com/curvefi/curve-contract/tree/65365742b4e3b644d61443de6feee49af0d2b095 GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095] (Jun 22, 2021)</ref>

	<ref name="curveblog-1154">[https://blog.curve.fi/vulnerability-disclosure/ Vulnerability disclosure: the discovery and the rescue] (Jun 21, 2021)</ref></references>		<ref name="curveblog-1154">[https://blog.curve.fi/vulnerability-disclosure/ Vulnerability disclosure: the discovery and the rescue] (Jun 22, 2021)</ref></references>

Azoundria at 19:57, 17 February 2023

2023-02-17T19:57:35Z

← Older revision		Revision as of 13:57, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}}
			{{Unattributed Citations}}

	[[File:Curvefinance.jpg\|thumb\|Curve Finance]]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.		[[File:Curvefinance.jpg\|thumb\|Curve Finance]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="slowmisthacked-678" /><ref name="coinmonksmedium-933" /><ref name="blockgeeks-934" /><ref name="curvefinancetwitter-935" /><ref name="tokenpost-936" /><ref name="ciphertrace-937" /><ref name="curvefigithub-1153" /><ref name="curveblog-1154" />

	== About Curve Finance ==		== About Curve Finance ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|March 4th, 2021 12:00:00 AM		\|March 4th, 2021 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	~~The total amount~~ lost ~~is unknown~~.		No funds were lost.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== Prevention Policies ==		== Prevention Policies ==
			Which policies could have prevented this event from happening?

	== References ==		== References ==
	[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)		<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>

	[https://medium.com/coinmonks/what-is-curve-finance-18c0b1448f43 What Is Curve Finance] (May 24)		<ref name="coinmonksmedium-933">[https://medium.com/coinmonks/what-is-curve-finance-18c0b1448f43 What Is Curve Finance] (May 24, 2021)</ref>

	[https://blockgeeks.com/guides/curve-finance/ What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token] (May 24)		<ref name="blockgeeks-934">[https://blockgeeks.com/guides/curve-finance/ What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token] (May 24, 2021)</ref>

	[https://twitter.com/CurveFinance/status/1367576697122525191 @CurveFinance Twitter] (May 24)		<ref name="curvefinancetwitter-935">[https://twitter.com/CurveFinance/status/1367576697122525191 @CurveFinance Twitter] (May 24, 2021)</ref>

	[https://tokenpost.com/Pool-Factory-v1-Of-Curve-Finance-Affected-By-A-Bug-7173 Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost] (May 24)		<ref name="tokenpost-936">[https://tokenpost.com/Pool-Factory-v1-Of-Curve-Finance-Affected-By-A-Bug-7173 Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost] (May 24, 2021)</ref>

	[https://ciphertrace.com/crypto-coffee/crypto-coffee-067-068-keep-crypto-moving-with-traveler/ Crypto && Coffee 067-068 \| Keep Crypto Moving with Traveler - CipherTrace] (May 24)		<ref name="ciphertrace-937">[https://ciphertrace.com/crypto-coffee/crypto-coffee-067-068-keep-crypto-moving-with-traveler/ Crypto && Coffee 067-068 \| Keep Crypto Moving with Traveler - CipherTrace] (May 24, 2021)</ref>

	[https://github.com/curvefi/curve-contract/tree/65365742b4e3b644d61443de6feee49af0d2b095 GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095] (Jun 21)		<ref name="curvefigithub-1153">[https://github.com/curvefi/curve-contract/tree/65365742b4e3b644d61443de6feee49af0d2b095 GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095] (Jun 21, 2021)</ref>

	[https://blog.curve.fi/vulnerability-disclosure/ Vulnerability disclosure: the discovery and the rescue] (Jun 21)		<ref name="curveblog-1154">[https://blog.curve.fi/vulnerability-disclosure/ Vulnerability disclosure: the discovery and the rescue] (Jun 21, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}} Curve FinanceCurve 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. This is a global/international case not involving a specific country. == About Curve Finance == "Curve is a decentralized, UniSwap-like exchange for stable..."

2023-01-26T05:25:47Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}} thumb|Curve FinanceCurve 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. This is a global/international case not involving a specific country. == About Curve Finance == "Curve is a decentralized, UniSwap-like exchange for stable..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/curvefinancev1vulnerability.php}}

[[File:Curvefinance.jpg|thumb|Curve Finance]]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.

This is a global/international case not involving a specific country.

== About Curve Finance ==
"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Curve Finance V1 Vulnerability
!Date
!Event
!Description
|-
|March 4th, 2021 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==

== References ==
[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)

[https://medium.com/coinmonks/what-is-curve-finance-18c0b1448f43 What Is Curve Finance] (May 24)

[https://blockgeeks.com/guides/curve-finance/ What Is Curve Finance (CRV)? A Look At Ethereum's Latest DeFi Token] (May 24)

[https://twitter.com/CurveFinance/status/1367576697122525191 @CurveFinance Twitter] (May 24)

[https://tokenpost.com/Pool-Factory-v1-Of-Curve-Finance-Affected-By-A-Bug-7173 Pool Factory v1 Of Curve Finance Affected By A Bug - TokenPost] (May 24)

[https://ciphertrace.com/crypto-coffee/crypto-coffee-067-068-keep-crypto-moving-with-traveler/ Crypto && Coffee 067-068 | Keep Crypto Moving with Traveler - CipherTrace] (May 24)

[https://github.com/curvefi/curve-contract/tree/65365742b4e3b644d61443de6feee49af0d2b095 GitHub - curvefi/curve-contract at 65365742b4e3b644d61443de6feee49af0d2b095] (Jun 21)

[https://blog.curve.fi/vulnerability-disclosure/ Vulnerability disclosure: the discovery and the rescue] (Jun 21)