Because of a malicious hack attack on Curve Finance, $100 million worth of funds are at risk.
Curve Finance (CRV) is a decentralized exchange liquidity pool that offers traders a platform with stablecoin trading and supplemental fee income for liquidity providers. The Curve Finance Protocol is governed by the CRV token. We can treat the Curve platform just like the Uniswap exchange but at Curve, it remains better for the crypto traders to trade assets at very low slippage. In short, this platform is better for stablecoin trading.
On 30 July 2023, The Curve Finance team informed the crypto Twitter community that the Curve platform was exploited.
As per the information, the hacker exploited the alETH, msETH, pETH, and crvUSD stable pools, while other pools are unaffected.
Before the white hat rescue operation, the exploiter drained funds from CRV/ETH pool.
To fight against this situation, a huge number of white hat hackers are investigating the incident & trying to catch the main culprit.
The investigation noted that the exploiter succeeded to attack the pools because of the “reentrancy” bug in Vyper, a programming language used to power parts of the Curve system.
Crypto analytic platforms noted that $100 million worth of funds are at risk. Blockchain auditing firm BlockSec confirmed that hackers drained nearly $42 million worth of crypto assets so far and also invited the Curve Finance team if they want help in this matter.
Following the hack news, the Curve Dao token (CRV) crashed by 20% within a couple of hours.
The current trade price of the CRV token is $0.63 & this trade price is 15.5% down over the last 24 hours’ trade price.