Curve Finance
Hack or exploit on Nov 11, 2021 · Governance Attack
What happened
The stablecoin transaction protocol Curve caused losses to users who provided USDM liquidity due to the "governance attack" of the USDM stablecoin protocol Mochi. At present, Curve has dealt with urgently to avoid a wider range of losses. Previously, the Mochi project party purchased Convex's CVX tokens, voted to increase the USDM pool rewards to increase the liquidity of USDM and other assets, and then converted a large amount of USDM tokens owned by the project party into DAI after the liquidity increased. The team A total of 46 million USDM was exchanged for DAI. Based on the USDM to DAI exchange rate, the user loss that provides USDM liquidity to other stablecoins may be close to 30-40 million U.S. dollars.
Details
- Date
- Nov 11, 2021
- Kind
- Hack or exploit
- Method
- Governance Attack
- How in
- Price, oracle and governance
- Target
- not stated
- Chains
- Ethereum
Reported by
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SwanBluechip, "Curve Finance hack, Nov 11, 2021: $30M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/htf81b73b43d/ (data as of 2026-11-01).