Official announcements from Convergence Finance or reliable news sources

Convergence Finance Hacked, Loses $210,000 and 58M CVG

Aug 1, 2024, 03:26 PM

Convergence Finance, a decentralized finance protocol, has been hacked, resulting in a loss of approximately $210,000. The attack exploited a vulnerability in the CvxRewardDistributor contract, which failed to validate user input for claiming rewards. The attacker minted around 58 million CVG tokens, which were subsequently swapped for 60 WETH and 15,900 crvFRAX. The stolen funds have been deposited into Tornado Cash. Convergence Finance has advised users not to interact with the protocol while they investigate the root cause of the breach, which was announced in their Discord. The vulnerable contract was deployed 17 days ago and was intended to distribute CVX rewards.