Hackers have been sneaking around $62 million from Curve Finance on Sunday, which set off a ripple effect across the crypto sector and raised questions about the strength of the decentralized finance ecosystem.
According to data from DeFi TVL aggregator DeFiLlama, Curve is one of the largest decentralized exchanges (DEX) in the crypto market today with a Total Value Locked (TVL) of approximately $1.67 billion.
A handful of DeFi project pools were also hacked, including PEGD’s pETH/ETH: $11M; msETH/ETH by Metronome: $3.4 million; alETH/ETH by Alchemix: $22.6 million; and Curve DAO: around $24.7 million, according to LlamaRisk’s post-exploit assessment.
A bug found in older versions of the Vyper compiler contract programming language caused a bug in a security feature used by a handful of Curve liquidity pools. An admin of Curve Finance’s Telegram group declined further comment on TechCrunch+, referring us back to the post-exploit review.
By crypto standards, this was not considered a “big” hack; Curve is a huge DEX and this hack accounts for about 4% of its TVL. Part of the exploit was carried out by white hat hacker user c0ffeebabe.eth, who returned 2,879 ether, about $5.4 million, to Curve, according to chain data.
But this exploit isn’t the only problem Curve – and the broader crypto space – is facing.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.