Curve Finance and ChainPatrol: a Review of 2024 in Protecting Users
Curve takes user security seriously. This means not only conducting in-depth security audits internally, but also taking steps to protect the Curve community from online threats.
Since its inception in January 2020, Curve has been the target of numerous scams, phishing attacks, and impersonators. Curve’s brand presence across Discord, Telegram, and X (formerly Twitter) has grown significantly, leading to a notable increase in potential threats.
Trust is paramount in the DeFi space, and it is crucial to minimize the likelihood of Curve users being exposed to scams that leverage the Curve brand. To support this, Curve partnered with ChainPatrol, a platform that monitors, blocks, and manages takedowns of active threats targeting brands.
Stopping Thousands of Scams from Reaching the Community
Since partnering with ChainPatrol, the Curve community has been protected from thousands of scams. A wide range of threats has been intercepted, including wallet-draining domains, phishing links, impersonations of X.com (Twitter) profiles, Discord scams, and fake Telegram groups.
Building Trust by Reimbursing Victims
Investing in Web3 security has created a safer environment for the Curve community, but users can still fall victim to online threats.
In December 2023, Curve introduced a community reimbursement program to help relieve the impact of hacks that affect users. This program contributed to reimbursing victims of the CRV Token hack.
Just wanted to emphasize the scale of this. Victims are made whole with this vote with:
— Curve Finance (@CurveFinance) December 22, 2023
- $7.2M worth of ETH recovered by whitehats to the DAO being distributed
- $42M worth of CRV compensating unrecovered parts (vested)
- Other whitehat-recovered funds distributed before vote https://t.co/qmcK9pmTe5
Reimbursement programs present a challenge, as scammers exploit them by creating fake reimbursement sites. These sites take advantage of users in vulnerable moments, attempting to drain their wallets.
To help protect users, Curve partnered with ChainPatrol for heightened protection during the reimbursement period. ChainPatrol actively detected and blocked hundreds of fake domains impersonating the official Curve domain.
ChainPatrol’s Telegram Bot Reports and Blocks Scams
A common scammer tactic involves joining the official Curve Telegram channel with the goal of sharing fake links to the community. To counter this specific threat, Curve integrated the ChainPatrol bot. This bot enables fast and seamless reporting of fake links and includes a warning message if any member of the group shares a suspicious phishing link.
Building a Safer Web3 Future
Curve remains committed to building a Web3 ecosystem where users are safe from exploitation, scams, and any form of compromise. It may be an idealistic goal, but by partnering with projects like ChainPatrol, a more secure Web3 future is possible.