Important points:
- Curve Finance has discontinued CRV rewards for liquidity pools impacted by curve and multichain mining.
- This decision affects pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto and multibtc3CRV.
- Rewards will be suspended to avoid further participation in these vulnerable groups.
Gabriel Shapiro, Delphi Labs General Counsel, tweeted that Curve Finance’s emergency multi-sig capability has ended the CRV rewards of many liquidity pools affected by the recent attacks.
Lending protocol Curve Finance has suspended the governance token reward for liquidity pools affected by recent hacks, including those affected by Vyper compiler mining on Curve and MultiBTC pools affected by multichain mining were. This measure was taken to prevent further user involvement in these compromised liquidity pools.
ATTENTION, FROM A CURVE E-DAO SIGNER:
@CurveFinance’s emergency multisig has ended CRV rewards (meters) for the liquidity pools affected by the recent exploits, including the pools affected by the recent Vyper compiler exploit and the MultiBTC pool, affected by the recent exploits.
– _gabrielShapir0 (@lex_node) August 2, 2023 As noted in previous Coincu News articles, on July 6th, more than $100 million in cryptocurrency was withdrawn from multiple bridges that are part of the Multichain protocol. Then, on July 30th, Curve Finance was the victim of another attack. Over $47 million worth of cryptocurrencies were lost during the mining process.
Completion of rewards is managed by the decentralized autonomous organization Curve Emergency (Curve E-DAO), composed of select members of the Curve DAO governing body. Affected groups include alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. However, it is important to note that the decision could be reversed in the future if the Curve DAO proceeds with an overall vote.
After being hacked for almost a day, a white hat hacker managed to snag about 2,879 ETH worth about $5.4 million from a miner and returned it to the protocol. However, this is only a small part of the total damage the protocol has suffered. Curve is one of the largest DEXs in the crypto market today, with the TVL (Total Value Locked) hitting $1,811. The total amount hacked was about 4% of the TVL at this point, which is considered a significant hack. As a result, this hack caused ripples across the cryptocurrency sector, raising questions about the strength of the decentralized finance ecosystem.
DISCLAIMER: The information on this website is intended as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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