Curve (CRV) founder Michael Egorov announced via X that the problem with DeFi hacking incidents stems from a single point of failure (SPOF - a critical point where the entire system stops if a problem occurs), and that an industry-wide integrated security standard is needed. He cited the recent Kelp DAO and AAVE rsETH exploits as examples, stating, "Aave claims its protocol is normal, and rsETH claims it's a LayerZero (ZRO) bridge flaw. LayerZero also said its system had no problems. But ultimately, users cannot withdraw their money. All security issues should focus on prevention rather than post-incident relief, and single points of failure must be reduced. We need to promote the establishment of an integrated security standard led by the Ethereum and Solana foundations, with the participation of major projects, auditing institutions, and risk assessment teams." Curve has experienced security incidents in August 2022, July 2023, and June 2024. Notably, in July 2023, damages amounting to $70 million occurred.
