Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, [...]

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Is The CRV Painful Dip Over? This Event In August Could Spark A Rally

CRV, the native token of the stablecoin decentralized exchange Curve Finance, has been dumping in over the last year or so. After last weeks plunge, the token fell by as much as 75% from March 2024 highs, a huge concern for token holders. CRV Recovers, Adds 45% After Plunging However, according to one analyst who [...]

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Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations

A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in substantial losses for bullish investors and the platform’s founder, Michael Egorov. Blockchain analysis platform Arkham reported that Egorov faced liquidations totaling $140 million in CRV. Curve Finance Founder Egorov Liquidated In a social media post on X (formerly Twitter), Arkham confirmed that Egorov’s lending position worth nine figures was liquidated across five protocols due to the price of CRV dropping below his liquidation threshold.  Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Egorov’s accounts incurred over a million dollars of bad debt on Curve’s Llamalend, which he managed to clear by receiving $6 million USDT. Additionally, Egorov experienced a $5 million liquidation on UwU Lend while making repayments on Inverse to mitigate further losses. On June 13, Curve contributor Saint Rat revealed that the protocol had incurred $11.5 million in bad debt, which could be resolved if the price of CRV rises to $0.33. Egorov expressed his commitment to working with the Curve Finance team to address the bad debt situation and protect users from its impact. Proposal To Burn 10% Of CRV Tokens In response to the crisis, Egorov proposed burning 10% of the total CRV supply to stabilize the token’s price. He also announced that active voters would receive a three-month boost on deposit rewards across all Curve platforms, aiming to incentivize participation and strengthen the ecosystem. Egorov also stated: The Curve Finance team and I have been working to solve the liquidation risk issue which happened today. Many of you are aware that I had all my loans liquidated. Size of my positions was too large for markets to handle and caused 10M of bad debt. Only CRV market on lend.curve.fi (where the position was the biggest) was affected. I have already repaid 93%, and I intend to repay the rest very shortly. It will help users not to suffer from this situation. Related Reading: Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst Interestingly, this recent episode is not the first time Egorov has faced significant liquidations. Last year, he borrowed $60 million worth of loans from Aave, which posed a risk of bad debt in the event of liquidation.  To address this, Gauntlet, a risk management firm, recommended freezing Aave’s v2 CRV market to minimize protocol risks. In a subsequent private deal, Egorov sold 106 million CRV for $46 million to repay most of his debts on Aave and other lending platforms, ultimately settling his debt to Aave with an $11 million USDT deposit in September. Before the market crash, CRV was trading at $0.3582. However, it plummeted nearly 40%, hitting an all-time low of $0.2220.  Since then, the token has recovered and is currently trading at $0.2880. This recovery has helped to mitigate the losses incurred within the 24-hour timeframe, reducing them to 22%. Featured image from DALL-E, chart from TradingView.com

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Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks

In the wake of a massive exploit, the price of the Curve (CRV) token has declined drastically, recording double-digit losses in the last day. This has led to what some would call an opportunity to buy cheap coins and Matrixport and Bitdeer founder Jihan Wu is one of the believers. A Good Time To Buy [...]

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Curve Finance: Issue Found And Reverted, CRV Sees 10% Losses

Via their official Twitter handle, the Ethereum-based decentralized finance (DeFi) protocol Curve Finance has confirmed a vulnerability in their nameserver or frontend curve.fi which was successfully reverted. Earlier, the team behind the project advised caution to its users and claimed an investigation has been launched to look into any potential vulnerabilities exploit. Related Reading: TA- My Neighbor Alice Could Be Set For A Major Bounce – Eyes $5 The team behind the project said: The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use curve.exchange for now until the propagation for curve.fi reverts to normal The team behind the project shared a potential theory about what could be affecting their frontend. A bad actor might have “cloned” their frontend, making it look like it is the same as the Curve Finance product, to affect people accessing it. The team behind the project shared the following theory from Lefteris Karapetsas, founder of Rotkia App, about the attack affecting their Domain Name System (DNS): It’s DNS spoofing. Cloned the site, made the DNS point to their ip where the cloned site is deployed and added approval requests to a malicious contract. Therefore, anyone attempting to access Curve Finance’s curve.fi frontend should refrain from it until there are more details behind the potential attack. In a separate tweet, the team behind the project said that curve.exchange frontend seems to be unaffected. Any Curve Finance user should revoke transaction approval for the following ETH smart contract addresses: 0x9Eb5F8e83359Bb5013f3D8eee60bDCe5654e8881 and watch out for transactions from address 0x50f9202e0f1c1577822BD67193960B213CD2f331 which the attacker could be using. Curve Finance Tokens Sees Correction Following Attack Curve Finance is, at least, the fourth project to be impacted by this DNS hijacking attack, according to Karapetsas. Other DeFi projects victims of these attacks include Ribbon Finance, DeFi Saver, and Convex Finance. Alex Smirnov, a co-founder of deBridge, said the following about this recent attack: DNS is always a weak link. Here is how we solve this in deBridge and I think every DeFi project should have this.We have an automated monitoring system that checks the hash of the website and all its files. In case hash is changed, critical monitoring is immediately triggered. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? Curve Finance claims that the issue could have originated from iwantmyname a DNS manager, but they are yet to offer more details about the incident. As the attack unveiled, the CRV token recorded a 10% correction in the past 24 hours.

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Curve Finance Resurgence: 70% Of Stolen Funds Recovered, Redemption On The Horizon

Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.  The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts. Curve Finance Commits To Restitution Process For Hacked Funds In a significant effort, Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important milestone, an active investigation is underway to recover the remaining balance and hold the perpetrators accountable. Related Reading: Kraken Surges Ahead In Altcoin Liquidity To Overtake Coinbase In US: Kaiko Understanding the gravity of the situation, Curve Finance has also taken proactive measures to ensure a fair and transparent distribution of the recovered funds to affected users. The protocol is diligently working to measure the respective shares of each impacted account, aiming to facilitate an equitable restitution process that prioritizes user protection and trust restoration. Curve Finance’s recovery efforts are further bolstered by their recent announcement of a $1.85 million bounty. This generous reward will be granted to anyone who can provide accurate information leading to the identification and apprehension of the attackers holding the remaining funds.  By offering this substantial bounty, Curve Finance actively encourages community participation and collaboration to expedite the investigation and bring the perpetrators to justice. Curve’s Post-Hack Safety Report Following a thorough investigation, Curve Finance discovered that the exploit primarily targeted the aleth, peth, mseth, and crveth pools.  The vulnerability stemmed from a bug within the vyper 0.2.15-0.3.0 version, which the protocol promptly identified as the root cause of the breach. By swiftly pinpointing the issue, Curve Finance was able to take immediate action to mitigate any further risk to its users. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? It is important to note that all other pools on Curve Finance have been confirmed as safe and unaffected by the exploit, according to Curve’s update. This assurance gives users the confidence to continue utilizing the platform, knowing that their funds remain secure within these pools. Alongside the technical remediation, Curve Finance collaborates with security experts, auditors, and the broader DeFi community to conduct thorough audits and implement additional security measures.  This collaborative approach aims to reinforce the protocol’s resilience and prevent similar incidents in the future. Overall, Curve Finance’s recovery of 70% of the hacked funds, coupled with its ongoing investigation and bounty initiative, underlines the protocol’s commitment to user protection and the broader DeFi community.  According to Token Terminal data, Curve Finance’s circulating market cap currently stands at $518.76 million, reflecting a decrease of 22.29% over the analyzed period.  The fully diluted market cap, which represents the potential future market value of the project, is estimated at $1.97 billion. Curve Finance’s total value locked (TVL), a crucial indicator of the protocol’s popularity and user engagement, currently amounts to $2.44 billion. Despite a decline of 35.19% over the analyzed period, Curve Finance maintains a substantial TVL, highlighting its significance within the DeFi landscape. Featured image from iStock, chart from TradingView.com

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Curve DAO Scores $5 Million Boost From Binance, Eyes BNB Chain Expansion

In a strategic move to bolster the decentralized finance (DeFi) sector, Binance Labs, the venture capital and incubation arm of Binance, has committed a substantial $5 million investment in Curve DAO Token (CRV).  The Ethereum-based CRV token is the backbone of the Curve ecosystem, which has established itself as the largest stable swap and second-largest [...]

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Curve Finance Fights Back With Warning And Unrefusable Offer To Hacker

Curve Finance (CRV) has issued a statement on Etherscan, addressing the hackers responsible for the recent exploit that resulted in the loss of over $60 million from the protocol.  In the statement, Curve, Metronome & Alchemix have invited the hackers to discuss a potential bounty, offering a 10% reward for any stolen funds, which they [...]

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Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning

In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu.   The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned. Curve Finance Breach Ends On Positive Note Curve Finance has announced the return of stolen funds worth over $60 million, which were taken in a recent exploit.  As reported by NewsBTC, the protocol had issued a statement on Etherscan, urging the hackers to return the funds, and offered a 10% reward for their return. The hackers have agreed to return the funds, keeping 10% of the stolen amount. Related Reading: Will Bitcoin Rebound Anytime Soon? Here’s What On-Chain Data Says The attack on Curve Finance, which took place on July 30th, significantly impacted the decentralized finance (DeFi) sector and raised concerns about its security.  The hack targeted several pools on Curve Finance, withdrawing more than $47 million from various DeFi projects. This led to a drop in the value of Curve DAO (CRV), prompting its founder, Michael Egorov, to sell off the asset to save it. Following the attack, Curve Finance has taken measures to improve its security, including updating its contracts and implementing stricter security protocols. The protocol has also called on the hacker to return the stolen funds and offered a reward for their cooperation. The hack had caused significant concern among the cryptocurrency community. Still, the Alchemix Finance team’s swift response and the hacker’s decision to return the stolen funds demonstrate the importance of protocols taking swift action to protect their users and assets. CRV Sees Strong Trading Volume Despite Recent Hack Curve Finance is one of the largest decentralized exchanges (DEXs) in the cryptocurrency market, with a total value locked (TVL) of $2.349 billion, according to data from DeFiLlama.  The exchange has a market capitalization of $540.35 million and a fully diluted valuation of $2.035 billion, making it a significant player in the DeFi ecosystem. Related Reading: Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype? The Curve Finance token (CRV) price currently stands at $0.62, with a 24-hour trading volume of $177.09 million. The staked amount of CRV is $432.64 million, representing approximately 80.07% of the market capitalization of the protocol. The data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi sector, with a substantial TVL and a high level of staked tokens. The liquidity available for trading on the exchange is also significant, with a high annualized trading volume and fees. The revenue generated by Curve Finance demonstrates the potential for decentralized exchanges to become profitable businesses, offering a viable alternative to centralized exchanges.  Overall, the data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi ecosystem and the potential for decentralized exchanges to become profitable businesses. With its high TVL, staked tokens, and liquidity, Curve Finance is well-positioned to continue its growth and become a leader in the DeFi sector. Featured image from Unsplash, chart from TradingView.com

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CRV Price Recovers From 6-Month Lows, What’s Driving The Price?

Curve Finance’s native token CRV has recovered from a 6-month low, and many believe that the news of Huobi co-founder Jun Du buying CRV tokens has contributed to it.  Jun Du bought 10 million tokens valued at $4 million from Micheal Egorov, founder of Curve. Egorov had offered his tokens for sale to bolster his at-risk loan positions, primarily for borrowing stablecoins using CRV tokens as collateral.  Some Positives For Curve Finance Despite Hack Curve Finance, one of the biggest DeFi protocols on the Ethereum blockchain, recently saw its in-house CRV price recover about 25% at the start of the month. It had previously dropped by 35% between July 30-31 following the panic selloff spearheaded by Curve Finance’s $47 million exploit.  Related Reading: Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks The July reentrancy attack was not the only exploit recorded on Curve Finance as the DeFi protocol had previously lost over $570,000 in August 2022 after hackers compromised the front end of its liquidity pool.  However, the recent acquisition of 10 million tokens by Jun Du projects a positive outlook for CRV tokens, especially the recent attack on its ecosystem. Confirming the transaction, Du noted that he has locked up his investment for a period of one year as veCRV.  Apart from Du, the Aave Chan Initiative, a delegate platform from Aave’s governance forum, recently put forward a proposal for the purchase of about $2 million worth of CRV. After the planned purchase, which is to be made by the Aave Treasury, the CRV tokens would also be locked up as veCRV for about four years.  Token price recovers from weekly lows | Source: CRVUSD on Tradingview.com CRV Remains Popular Among Investors Egorov has so far sold 72 million CRV tokens to various investors and the continued purchase and acceptance of the CRV token demonstrates its popularity and utility.  One such investor who remains bullish on CRV is Justin Sun, founder of the Tron network. He recently acquired 5 million CRV from Egorov by paying using Tether’s USDT in a direct Over-the-counter (OTC) trade. Justin confirmed the purchase in a tweet noting that both platforms “As steadfast partners” will keep being “…committed to providing support whenever needed.” According to a Twitter post by Sandra from Nansen, other popular purchasers of Curve tokens include Cream Finance, Machi Big Brother, DWF Labs, DCFGod, and Andrew Kang, co-founder of Mechanism Capital.  Related Reading: Ethereum ETFs Heat Up As Filings With SEC Climbs To Six A vast majority of these transactions were conducted through OTC, with Egorov realizing over $20 million, which he applied to balancing his borrowings and removing himself from liquidation. Egorov also sent another huge supply of CRV (17.5 million) to an address starting with 0xf51.  Once the largest DeFi protocol on the Ethereum blockchain, the vast majority of Curve trading volumes still come from Ethereum.  Featured image from iStock, chart from Tradingview.com

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