A fraudulent application impersonating the decentralized finance (DeFi) protocol Curve Finance has been identified on Apple’s App Store. Curve Finance made a post about it on its X account while calling on users to refrain from using it.
The official post stated, “Beware of scams. There is currently no official DeFi Curve app. A fake with our logo was spotted! Stay safe.” The fake app, which has received a rating of 4.6 out of 5 stars with nine reviews, claims to be a powerful tool for managing borrowers and loans.
Curve Finance is a decentralized finance (DeFi) platform that specializes in the efficient and low-cost exchange of stablecoins and other cryptocurrencies. It operates as an Automated Market Maker (AMM) and a decentralized exchange (DEX) with a focus on stablecoins and wrapped versions of assets like Bitcoin (wBTC) and Tether (tBTC).
Curve Finance’s approach differs from other AMMs by using a StableSwap invariant, which is designed to minimize slippage, fees, and impermanent loss. This invariant is based on a weighted system of curves, prices, and dynamic slippage, which allows Curve to offer the best price and lowest possible trading fees without sacrificing profits for investors.
The platform incentivizes liquidity providers by integrating with external DeFi protocols and delivering rewards in the form of CRV tokens. Curve Finance also operates as a Decentralized Autonomous Organization (DAO), where CRV token holders vote on decisions regarding the project’s updates and developments.
Decentralized finance (DeFi) lending and borrowing have seen a significant increase in usage over the years. According to Dune Analytics, the number of users on DeFi applications has grown by more than 4 million from 2022 until 2024, representing a 3900% increase from 2020.
As of February 2024, there is about $40 billion locked in cryptocurrency on DeFi lending and borrowing platforms, according to DeFi Pulse. DeFi lending and borrowing offer several benefits, including transparency, permissionless access, and open-source financial service environments.
DeFi lending platforms allow users to lend their assets and earn interest on them, while borrowers can take out loans by providing collateral in the form of other tokens that are worth more than the value of the loan itself.
The fake Curve app reads that it is owned by MK Technology Co. Ltd and has only one contact address on its Google Sites-hosted website. Interestingly, MK Technology doesn’t have any other apps on the App Store. It also advertises itself as a versatile platform that offers puzzle games in the gaming section.
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