Curve founder calls for unified security standard to address DeFi hacks

Curve (CRV) founder Michael Egorov said on X that the problem of DeFi hacks is due to single points of failure (SPOF), and the industry needs a unified security standard. He cited the recent Kelp DAO and Aave rsETH exploit as an example, noting that Aave claims its protocol is fine, while the rsETH team points to a flaw in the LayerZero (ZRO) bridge. LayerZero also maintains its system is not at fault. Egorov highlighted that, ultimately, users are unable to withdraw their funds. "All security measures should focus on prevention, not post-incident remedies, and must reduce single points of failure," he stressed. "We should push for the creation of a unified security standard led by the Ethereum and Solana foundations, with participation from major projects, auditing firms, and risk assessment teams." Curve itself has experienced security incidents in August 2022, July 2023, and June 2024. The July 2023 event resulted in damages of around $70 million.