Convex Finance Malicious Search Results

Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' section to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

Convex Finance

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.

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

About Convex Finance

"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."

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.

Key Event Timeline - Convex Finance Malicious Search Results

Date	Event	Description
September 7th, 2021 7:49:00 AM	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount at risk has been estimated at $15,000,000,000 USD. 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

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?

Ongoing Developments

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

Prevention Policies

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.