Convex Finance (CVX) Review: Is It Legit Or Scam?

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Mrcoin

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Convex Finance (CVX) is an inventive DeFi protocol built on top of stablecoin exchange Curve Finance. Could it be one of the scams in the crypto market? We will go deeply in this review to discover about CVX that might help you to enhance the secure investment.​

What is Convex Finance and its native token CRV?​

Convex Finance is a platform for CRV token holders and Curve liquidity providers to earn additional interest rewards and Curve trading fees on their tokens. Put another way, Convex Finance offers boosted Curve staking.

Convex token (CVX) is a utility token used to receive a share of Convex platform fees. To earn Convex fees, stake your CVX to receive cvxCRV tokens. The more platform revenue earned by Convex, the more value is distributed to cvxCRV holders.​

Convex Finance is not safe​



An 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 bug can only be exploited or patched by Convex’s development team, which OpenZeppelin says complicates the disclosure process. The security company said it was reasonably certain that the problem was intentional, meaning the developers were unaware of the vulnerability or intended to evade funds. If the firm was wrong, the fallout of alerting the very people with the power to conduct the rug pull had the potential to be disastrous.

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.



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.

After the hijacking happened, do you think the CVX token is safe or a scam due to the lack of security in their system? Let us know your opinion in the comment section below.
 

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