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Home»Defi»A problem with the Convex Finance site
Defi

A problem with the Convex Finance site

Donald MunnBy Donald MunnJune 25, 2022Updated:September 29, 2022No Comments3 Mins Read
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Convex Finance said in a tweet yesterday that they were looking into a potential front-end problem. 

Please review approvals while we evaluate a potential front end issue. https://t.co/R0QCGROQFv

— Convex Finance (@ConvexFinance) June 23, 2022

Bug found in Convex Finance system

Convex Finance is a Curve-based DeFi project that offers optimized financial yields, and has a more user-friendly interface than its parent platform. 

This is where the issue lies, in the front-end, i.e., the user interface, and that is why yesterday’s tweet cannot be dismissed as business as usual. 

In fact, in a later tweet they then reported that they had to enable an alternative domain as a precaution for users: the platform was temporarily moved to convexfinance.fi and frax.convexfinance.fi, instead of convexfinance.com. 

Their internal investigation revealed that the DNS of convexfinance.com had been hijacked to push users to approve malicious smart contracts regarding some interactions on the site.

The problem has actually now already been fixed, but it turns out that five addresses appear to have approved malicious smart contracts. 

Convex also published a list of these five addresses asking their owners to contact them via Twitter or Discord. 

List of 5 addresses that have approved malicious contracts:

0x496e53c32a69a79a82ed85d2913010dd2f9d1b4f

0x4ffc5f22770ab6046c8d66dabae3a9cd1e7a03e7

0x5b186c93a50d3cb435fe2933427d36e6dc688e4b

0x624301090700ea1e3c5b5224f89adfae405412c1

0x92557b6ffa116b53cf2c3bc1d6d33f78d97ed4c9

— Convex Finance (@ConvexFinance) June 23, 2022

It is worth noting that yesterday, at the time of the first tweet announcing the potential problem, the price of their CVX token suddenly had dropped from $4.6 to $4.4, but recovered virtually immediately. 

Indeed, it was coming from a small rise from $4.5 to $4.6, and after tonight’s up-and-down it was back to $4.6.

The performance of the CVX token despite the problems encountered

It is worth noting that in the last week CVX has appreciated by as much as 34%, although its current price is still 56% lower than it was a month ago, and 92% lower than the high recorded at the beginning of the year. 

This is a token characterized by a marked volatility in its market price, which has risen over the past 12 months first from $2 to $50, then dropped a first time to $16, climbed back up to $39 in April, and then even collapsed below $4 in mid-June. 

What’s more, it debuted on the crypto markets in May last year at $4.8, so the current price is back just below its initial levels. 

Interestingly, yesterday, a few hours before CVX’s brief downward movement due to the tweet announcing the problem, the price of CRV, Curve‘s governance token, also had a similar performance. It’s not to be excluded that it could have been just a coincidence. 

The post A problem with the Convex Finance site appeared first on cryptodailynews24.com.

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Donald Munn
Donald Munn
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