Remembering the Curve Blocks Mochi Governance Attack

In November 2021, Curve Finance made a move it had never made before. It used its Emergency DAO to block emissions to another protocol. The target was a small project called Mochi, led by Azeem Ahmed.

The reason? Mochi minted MOCHI tokens, used them to create its stablecoin USDM, and then used that USDM to buy and lock large amounts of CVX, the governance token that influences Curve emissions.

This maneuver funneled CRV rewards toward the USDM pool. On-chain, it looked like a governance play. Curve called it an attack and responded by halting emissions without any community vote.

What was framed as a defense of the protocol quickly became a disaster for thousands of users.
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The Slow Rug That Followed
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Curve’s action effectively froze the pool. Thousands of users were left holding a rapidly depegging stablecoin with no way out. Liquidity vanished. The peg collapsed. Over $60 million was lost. More than 5,000 users were affected.
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Then came the cover-up. Airdrops were blocked. Rewards were withheld. Management fees were increased. Communication channels were shut down. Documentation was erased. And the founder at the center of it all, Azeem Ahmed, kept collecting rewards and making new promises he never delivered.

He said it wasn’t a rug. But the blockchain told a different story.
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The Real Issue: Centralization Hiding Behind DeFi
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The biggest problem is not just what Azeem did. It is how Curve responded. The Emergency DAO acted without a vote or community input. Whale LPs had time to exit. Smaller providers were left behind.

This was not a decentralized process. It was a fast, centralized decision that ended up protecting a few while exposing many.
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Curve defenders claim the DAO stopped an attack. But for many in the community, that decision accelerated the collapse and left victims stranded while Azeem kept benefiting.
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Why This Still Matters
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Because the issue is not resolved.
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Azeem Ahmed still holds locked CVX. He still controls access to reward portals. The promised repayments never came. And Curve has done nothing to make things right.
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Even Curve’s own founder acknowledged that legal action may be possible, but said Curve DAO cannot help. That leaves the victims alone, trying to organize a recovery while the protocol remains silent.
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The Community is Demanding Action
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People are not staying quiet. They are calling for real accountability.

• Blacklist Azeem Ahmed from all Curve and Convex systems.
• Reimburse affected USDM holders through a fair, transparent process.
• Freeze any wallets tied to the misused funds.
• Build safeguards into the protocol to stop this from happening again.

This is about protecting the future of DeFi. This is about restoring trust. And this is about proving that decentralization means something.
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Final Word: The Chain Already Told the Story
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In traditional finance, people tell stories first and find data later. In crypto, the data comes first. Every part of Azeem’s strategy is visible on-chain. The minting. The locking. The fee switches. The deletions. The movements of funds.
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He can deny it, but he cannot erase the math.
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This is the moment to show that the community can respond. Not with silence, but with action. Not by ignoring the victims, but by standing with them.
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Join the DAO. Join the effort to bring transparency, justice, and accountability to DeFi.

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